New Dynamics of Corporate Cards in an Evolving Ecosystem

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New dynamics of corporate cards in an evolving ecosystem Navigating the new world of fintechs, neobanks and mobile payments IT’S NOT JUST WHERE YOU’RE , BUTGOING WHO YOU GO WITH.

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Corporate cards give organizations greater control of employee expense payments, enforcing management rules and related controls and reducing the cost of processing business expenses. However, until recently the range of corporate cards and associated services was limited and offered mainly by historical credit card companies and traditional banks. But the industry is changing rapidly, and corporate payment cards are now adapting to an ecosystem of neobanks, fintechs and other new players by incorporating innovative functionalities and payment methods. Understanding the evolving panorama is key to choosing the best solutions for specific needs.

Three key levers have accelerated the evolution of corporate cards

Three key levers are changing the corporate card industry: the user experience of employees, the evolution of card payment methods and the arrival of new tools.

The 3 drivers of change in corporate cards

New features for Employees user New card professional expense experience payment methods management

Internally Payments Industry Business

Figure 1. Employee experience, new card payment methods and new tools are driving change.

1. The corporate experience of employees Company employees are personally exposed to innovative offers from neobanks, 1 Payments statistics 2018 by the particularly regarding access to banking services and innovative payment European Central Bank, July 2019. methods. For example, neobanks can open an account in just a few minutes using https://www.ecb.europa.eu/ a smartphone, manage their payment preferences or be instantly issued a virtual press/pr/stats/paysec/html/ecb. card that can be used remotely. pis2018~c758d7e773.en.html 2. The evolution of card payment methods The payments environment has undergone significant regulatory and security changes in recent years. These changes have had an impact on the economic and technical structures of how payment flow is processed. The total number of cashless payments in the euro region reached 90.7 billion in 2018, an increase of 8 percent compared to the previous year. Card payments in this region account for 46 percent of noncash payments, a total of 42 billion payment transactions (Figure 2).1

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In 2018, card payments used for accommodations and restaurants reached 9.4 billion euros in transactions. Goods and services for business purposes rank fifth in terms of transaction value made by card, trailing after supermarkets, hypermarkets, restaurants and fuel (Figure 3). The aggregated total of transactions relating to goods and services for businesses amounts to 25.5 billion euros, with an average total of 43.1 euros upon checkout when purchasing the goods . It is one of the highest average totals in credit card payments, with a total of 592.6 million payments.2

Payment trends 2000 to 2018 Number of transactions per year in billions, estimated

25 Card payments Credit transfers 20 Direct debits Cheques 15 E-money

0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Figure 2. Cards payments are outpacing all other payment methods in the euro area.

The sectors specified in Figure 3 show that airfare and hotel costs account for the majority of employee expenditures, making the card the most appropriate payment 2 L’Observatoire du groupement method for business expenses.3 The business travel market in Europe is growing des Cartes Bancaires CB, 2018. steadily and showed a 3.4 percent increase in spending in 2018.4 Similarly, domestic https://observatoirecb.cartes- U.S. travel was projected to grow 3.2 percent in 2019, but international inbound trips bancaires.com to the United States continue to decline, led by Chinese business travelers.5 3 Baromètre Européen du Voyage D’Affaires, American Express, Employee expenditures EVP, 2018. https://www.evp2019.fr/Data/ Other Travel expenses ElFinder/s6/Images/barometre- agency 5% EVP-2018/Barometre-Europeen-du- 5% Car Voyage-d-Affaires-2018.pdf rental 8% Air 4 Ibid 35%

5 “Outlook Strong for 2019 U.S. Catering Domestic Business Travel,” BTN, expenses 10% January 2019. https://www.businesstravelnews. com/Global/Outlook-Strong-for- 2019-US-Domestic-Business-Travel. Rail 14%

Hotel 24% Figure 3. Airfare and hotel costs account for nearly two-thirds of employee expenditures. 4 White Paper

In Europe, interchange An analysis of the distribution of business travel expenditures across Europe shows for corporate cards has remained that air travel costs are the highest, followed by hotels, rail transport and restaurants. unchanged, excluded from MIF* The growth of the air travel market has not been disrupted by the downward trend regulation. On the contrary, in airfares triggered by the low-cost operators. In addition, the portion of MIF for consumer cards is capped expenses associated with hotels is increasing and is followed closely by rail and at 0.20% and 0.30%, making restaurant costs. corporate card an attractive and lucrative business. 3. New tools for managing business expenses

Technological progress, especially for mobile phones, has led to the emergence * MIF – Multilateral Interchange of new payment capabilities, either directly linking users to payments or using Fees – are charged by a native smartphone features, such as geolocation, a camera (that can be used to cardholder’s bank (the issuing scan documents, for example), biometrics or voice recording. These technologies bank) to a merchant’s bank enable innovative functionalities for payments and expense management, such (the acquiring bank) for each as contactless payments, instantaneous changes to spending limits, biometric sales transaction at a merchant authentication, instant credit financing and expense-report scanning and extraction. outlet with a payment card. Companies must take advantage of these emerging technologies if they are to Interchange fees are either optimize how they manage business expenses, all the while ensuring that data agreed bilaterally, between security is upheld and facilitating follow-up and control. Thus, companies are facing issuing and acquiring banks, a new challenge: to upgrade their infrastructure while being able to integrate new or multilaterally, by means of a decision binding all banks technologies and optimize payments by providing additional layers of services to participating in a payment card employees. This transformation must be carried out by finding the best balance scheme. Industry refers to these following the axes shown in Figure 4. multilateral interchange fees as “MIF”. A MIF can be a percentage, Corporate card innovation trends a flat fee or a combined fee (percentage and flat fee). https://ec.europa.eu/commission/ presscorner/detail/en/ New technologies Geolocation MEMO_07_590 Tokenization of uses SCT-instant of payments New means transfer of payment Pictures and Biometric scan of charges authentication Contactless payment

Traceability Real-time of mobility authorization Lodged card

Management of ceilings, Enrichment of transaction types and payment data Mobile user authorized locations interface New usages Security & Real-time Control notiﬁcations Onboarding of new employees Accounting API to an reconciliation outsourced solution Reconciliation VAT

Infrastructure

Figure 4. Corporate cards are moving toward better integration of services, new payment technologies and increased security controls.

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Open and closed card systems

Banks issue Visa and Mastercard cards in an open, interbank Four Corner Model linking the cardholder, issuing bank, merchant and acquiring bank. Today, neobanks and fintechs also use an open interbank system.

Specialist cards use a proprietary closed-loop, Three Corner System that brings together the carrier, merchant and operator network. The operator — primarily American Express, Diners Club or Discover Card — is a single financial institution that performs all card issuance and transaction acquisition functions. Today, issuers of employee vouchers use a proprietary network of restricted participating merchants, as shown in Figure 5.

Corporate card options

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New entrants

Figure 5. A variety of traditional and specialist players are supporting cards programs.

User company corporate card

• User interface • Client services, insurance, assistance • Back-oﬃce administrator Program management Integrated oﬀer • Integration with compatible systems and enterprise resource planning

• Cost escalation automation, scanning • Instantaneous card issuing • Fine-tuning of the payments’ network Speciﬁc features and card settings in real time

• Treezor • Paynovate • Marqeta • Qoonto Banking features and payment • Ditto Bank • Wirecard

• Ditto Bank • Bankable Processor BIN sponsor • Wirecard • GPS

Interbank scheme

Figure 6. Organizations must navigate a complex ecosystem of internal processes and external vendors.

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Growth in cashless payment

On the payment flow processing side, significant regulatory and security changes have affected economic and technical structures, opening the door to an influx of new cards and cashless payment systems. According to a report published in 2019, noncash transaction volumes grew globally by 12 percent in 2016 to reach 539 billion in 2017, with credit cards growing at a record 11 percent. Emerging Asia (32 percent) and Central Europe, Middle East and Africa (CEMEA, 19 percent) drove the growth, with mature Asia-Pacific (APAC), European and North American markets maintaining a 7 percent growth rate.6

The report estimates that global noncash transaction volumes will reach a compound annual growth rate (CAGR) of 14 percent through 2022, with developing markets growing at a CAGR of 23.5 percent. Europe, including the eurozone, can expect a stable growth of 8.5 percent over the next 5 years. (According to the European Central Bank, the number of noncash payments in the euro area alone reached 90.7 billion in 2018, an increase of approximately 8 percent over 2017, with credit card payments accounting for 46 percent of the total).7

The fintech phenomenon

Visa and Natixis Payments, Neobanks, fintechs and other new specialized players are restructuring and the largest Visa card issuer in stratifying the corporate card value chain. While traditional players typically develop continental Europe, launched offerings as an extension of their payment services, specialized neobanks and Xpollens, a white-label fintechs tend to first look at specific business expense payment needs and then offer “payments-in-a-box” service. solutions to meet them. This solution enables customers to easily integrate a full range Issuers of special payment instruments, for instance, use their payment management of payment services in record know-how and commercial presence in companies to extend their services and time, from issuing payment develop additional products. We see the emergence of companies specializing in cards to instant payment and bank identification number (BIN) sponsorship complemented by fintechs that have account maintenance. industrialized the basic tools for banking services and payment methods, and by managed services programs that bring these functions together.

Even large, established players are incorporating elements from fintechs and other new entrants into their offerings.

6 “World Payments Report 2019,” Capgemini Research Institute, Wide panorama of corporate cards September 2019. Corporate card offerings are quickly moving to a new phase of rapid growth https://www.capgemini.com/ characterized by these more refined and complementary product and service us-en/news/world-payments- offerings. In this expanding ecosystem, companies can choose from a range of report-2019/ corporate payment card possibilities from three general categories: bank cards, 7 “Payments statistics 2018,” payment vouchers, neobank and fintech offerings. European Central Bank, July 2019. https://www.ecb.europa.eu/ press/pr/stats/paysec/html/ecb. pis2018~c758d7e773.en.html

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Bank cards

Banks typically offer three types of cards for corporations: corporate cards, business/professional cards and travel cards. Feature differences between the first two types can include:

• Ceiling management for expenditures and withdrawals

• Activity monitoring through a mobile application or website

• Detailed transaction records

• SMS alerts, purchase tracking, card blocking, card activation and other services

• International assistance

• Business travel insurance, deductible rebates for rental vehicles, guarantees against fraudulent activities

Whether a company chooses a corporate or business card is generally based on management preferences and some predetermined criteria:

• Number of employees in the organization

• Monthly payment capacity granted to each employee

• Adoption of deferred or immediate debit and flexibility of the company’s cash flow

• Acquisition of new cards and onboarding of new employees

• Management of withdrawal and spending limits, multicurrency settings, possibility of payment abroad

• Insurance and assistance services (customer service, regulatory and legal assistance, medical assistance, etc.)

• Access to loyalty programs and membership rewards, online travel agencies, priority taxi booking and other perks

Focus offer: BreakdownFocus oﬀer: by Breakdown network by network

AmEx cards

4% Mastercard Corporate cards 12%

Visa Business Mastercard Business cards cards 50% 17%

Visa Corporate cards 17%

Figure 7. Visa continues to lead the corporate card products market. Source: DXC Technology research. 8 White Paper

Corporate cards debit a company’s account and therefore require secure and efficient control systems. These cards are generally reserved for large companies and often require a high threshold of annual revenue and/or a minimum annual expenditure. Corporate cards typically have the following functions:

• Delegate and identify people or departments eligible to carry out transactions and predetermine ceilings and types of expenditure restrictions

• Pay in the selected network (Visa, Mastercard, American Express, etc.)

• Integrate expense statements and detailed expense reports into the company’s accounting operations

• Integrate with various paper and digital report formats, including software as a service (SaaS), mobile applications, accounting management platforms and financial services

• Provide additional benefits — including insurance, guarantees and loyalty programs8 — depending on the card issuer’s network and the range chosen by the company

8 Association Apeca, Corporate cards are generally more expensive than cards for SMEs, and the http://association-apeca.org/ application process for a new card is often complex. On the other hand, insurance, repupload/upload-apeca/pdf/ assistance and customer relations services are generally more extensive. apeca_fiche8.pdf

Business cards are typically intended for SME employees and managers; lawyers, notaries, engineers, architects, doctors, dentists and accountants and other professionals; and individual entrepreneurs.

A business card makes it easy to track current business expenses — transportation, hotels, restaurants, office supplies and more — and can be issued regardless of the number of employees. Business cards can debit either employee or company accounts. Cardholder statements allow for reimbursement of business expenses later.

Travel cards. Companies spend on average 70 percent of their business travel budgets on air and train tickets, and some players, like Airplus, Mastercard and BNP, have decided to position themselves in this part of the travel sector.

Travel cards are backed by a payment account and registered in a travel agency’s information system or online booking tools. This card helps companies optimize accounting processes by reporting expenses in detail and centralizing the payment of air and train ticket purchases. Companies also benefit from employee travel and accident insurance.

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Payment vouchers

Edenred diversifies Specific regulations governing prepaid programs (such as meal vouchers, travel into paperless money cards, gift cards, insurance cards, rewards cards, loyalty cards, staff intercompany payments cards, etc.) have led to the emergence of specialized companies issuing restricted- Edenred has developed various use payment vouchers. The largest sector in this group consists of prepaid meal offers for professionals, such vouchers, sometimes called “lunch cards,” which are given to employees to pay for as the Ticket Fleet Pro card to meals during professional activities. Employees can use the vouchers in the issuer’s facilitate employee travel by network, and participating merchants present the voucher to the issuing company for simplifying and controlling payment. fuel expenses. The system was initially based on paper vouchers, but it has gradually moved toward Edenred developed its payment a digitized, card-based system. There are now in the market generation 1 cards using issuing capabilities with its the international Visa and Mastercard networks and generation 2 cards limited to a subsidiary PrePay Solutions specific network authorization infrastructure. (PPS), 70 percent owned by Edenred and 30 percent by The fintech payment revolution Mastercard, which gives it access to the international interbank Fintechs positioned themselves from the outset with digital payments. Resto network. In November 2018, Flash and Lunchr, for example, provide meal vouchers on a smartphone through a Edenred acquired Corporate Mastercard card. Solutions Innovations (CSI), an California-based Emburse offers both virtual and physical meal cards that let American specialist in automating employers specify where and when a card can be used. Employees have a range of business-to-business payments and corporate travel solutions. food options, including delivery from sites such as DoorDash or Uber Eats. Emburse The convergence of the CSI also offers rules-based cards for employees’ travel and other expenses, as well as platform with PrePay Solutions’ recruiting cards to cover job candidates’ travel expenses. technology enables Edenred Issuers of special payment securities have expanded their product ranges to offer to offer a supplier payment payment services for a variety of professional fees, including niche services such as management service. laundering work clothing and car washing. Vouchers now present a solid alternative to interbank payment networks.

Payment services comparison

EDENRED GROUPE UP TOTAL SODEXO LUNCHR RESTO FLASH

Fuel/transportation expenses • • • Car wash expenses • Maintenance of professional outfits • Meal vouchers • • • • • Gift cards • • Personal assistance service • •

Figure 8. Emerging fintechs support focus on specialized services.

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Neobank and fintech offerings

Qonto: Fast account setup Neobanks, fintechs and other new entrants generally make use of payment networks’ and integration products and then complement them with new solutions or services that help Qonto is one of the leading differentiate the brand in the marketplace. neobanks in the French market, with more than 40,000 corporate However, since the new players do not have a bank’s processing capacity or the clients. Qonto offers online infrastructure to participate directly in international network schemes, they integrate business accounts that are the services offered by specialized companies into their offerings. This creates a new particularly suitable for SMEs, the ecosystem that arises from a structured value chain and secure funds deposited by self-employed and freelancers. customers in accounts managed by a bank. Qonto differentiates itself by Specialized neobanks. Mobile apps have fueled the rise of the neobanks, which are creating an account in a few online-first with no physical branch networks. Neobanks successfully targeted the minutes and easily configuring associated bank cards. Qonto retail market and are now focusing on corporate cards. They can take advantage also stands out for its integrated of their status as regulated payment institutions and have adapted the retail user accounting services. An assigned experience to business expense payments. Neobanks optimize the processes for accountant can follow an issuing and distributing cards, digitize payments, offer virtual cards and provide account’s evolution in real time. ways to set usage controls and ceilings. Users can attach supporting Expense manager solutions come from the world of expense management software documents associated with transactions, including photos publishers. Expensya, Expensify and QuickBooks software integrate the chain as far and receipts. Qonto automatically as possible up to the accounting entry, making it easier for users to enter expenses detects the VAT rate and amount and prepopulate expense reports. Functionalities are configurable via web and of the receipts. Other features mobile applications. include personalizable PIN codes, These software solutions use intelligent invoice recognition with optical character virtual cards and travel insurance. On January 21, 2020, Qonto recognition (OCR) technology to extract tax rates, dates, amounts and other raised 104 million euros; most information from documents (tax rate, number of places covered, date, amount, etc.) notable among the investors is and “evidential value” archiving to accommodate audits. They detect duplicates and the Chinese giant Tencent. 9 can export information in various formats for a range of accounting software. Some expense managers, including Expensya, also manage mileage, calculating distance and allowance with a customizable scale. This type of software can have an unlimited number of users in multiple subsidiaries.

9 “The neo-bank Qonto raises Fintechs at the intersection of payments and business expenses, such record funds in French fintech,” as manager.one, Mooncard and Spendesk, aim to simplify and automate the Les Echos, January 2020. management of expense claims and business expenses. They offer a neobank- https://www.lesechosfr/finance- like approach to payments, complemented with innovative and flexible expense- marches/banque-assurances/ management solutions. They provide a range of parameters to control payment la-neobanque-qonto-realise-une- levee-de-fonds-record-dans-la- card use and a real-time view of all payments. Functionalities typically include fintech-francaise-1164595 electronically recording receipts, prefilling expense claims, digitizing receipts and simplifying the back office. Accounting tasks include integrating accounting for bank statements, generating activity reporting tables and automating accounting entries.

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Ditto Bank takes currency Focus offer: Features offered by fintechs operating in the management to new heights business expense payment Ditto Bank, a French online bank specializing in currency Manager Mooncard Shine Qonto Ditto Brex Anytime Spendesk Xpollens One management, enables users to Configurable card (ceilings, type of open as many bank accounts expenses, etc.) • • • • • • • • • as they wish for any of the 30 Block/unblock the card instantly currencies offered, and it can • • • • • • • • • make and receive unlimited Definition of card profiles/ sub-accounts • • • international transfers in Virtual card all available currencies. All • • • • • • accounts are associated with Real-time notifications/alerts one Mastercard Gold card. • • • • • • • • • Withdrawals and payments Expense account management/ reporting • • • • • • • • are free of restrictions and Possibility to add voucher copy transaction fees, currency • • • • • • • • exchange is instantaneous, and Automatic VAT detection users benefit from premium • • • • • insurance and assistance. Ditto Exportable to accounting software • • • • • • • • Bank says it plans to add more Multi-currency account currencies, as well as contactless • • phone payment and personalized Unlimited number of cards alerts on exchange rates. per subscription • No foreign transaction fees Manager.one offers a card • • • with more than 55 different Travel insurance • • • • features. Spendesk’s “smart Cheque cashing spend” cards allow managers • • • • to preapprove small payments Instant credit approval and give instant approval for • larger transactions. The fintech Centralized online subscription management • Mooncard supplements payment information with images of the expenses, emails with receipts Figure 9. Business expenses services offered by fintechs. from the supplier and other contextual data. The system uses information from the employee’s electronic calendar to suggest cost headings, link expenses to projects, or to estimate mileage costs.

Brex builds card business on startups

Based on the premise that it is difficult for entrepreneurs to obtain bank cards, Brex, an American financial services company, made a name for itself by launching a credit card for startups. Today Brex is entering the large enterprise market with a new corporate card designed to help manage costs. 12 White Paper

Seven keys to choosing a corporate card solution

The variety of available solutions and features can make choosing a corporate card challenging. Organizations should consider seven key attributes of card solutions (Figure 10) to help make the right decision.

Flexibility Attractiveness Payment network Features and Interfaces Ease of integration Price of use for employees reach settings into the existing IS or construction of a new solution

Figure 10. The seven keys to choosing a corporate card solution

1. Flexibility of use. Many corporate cards are designed for a specific type of use with few possibilities for adaptation. Do the organization’s needs match these profiles, or does it need more flexibility such as greater ease of activation and implementation? Flexibility Attractiveness Payment network Features and Interfaces Ease of integration Price of use for employees reach settings into the existing IS 2. Attractiveness for employees. Is there a discrepancyor construction between of corporate card services and employees’ expectations?a new solution Can employees make payments in the same ways offered by their personal cards?

Flexibility Attractiveness 3.Payment Payment network networkFeatures and reach.Interfaces Do paymentEase of integration methods, whetherPrice a card, of use for employees reach settings into the existing IS card-based or electronic, use a networkor construction that meetsof employees’ needs? a new solution • Is the network only for certain types of channels — distance selling, for

Flexibility Attractiveness Payment network Featuresexample and —Interfaces or is it universal?Ease of integration Price of use for employees reach settings into the existing IS or construction of • Does the network offera new mobilesolution proximity payments? • Is the card accepted both domestically and internationally?

4. Features and settings. Look for these useful functionalities:

• Does the system facilitate expense management and payment reconciliation? Flexibility Attractiveness Payment network Features and Interfaces Ease of integration Price of use for employees reach settings • Does itinto automatically the existing IS identify receipts? or construction of a new solution • Can card limits be easily modified, individually and across groups of employees?

• How granular are the settings and the possible combinations between card limits? Can users specify limits by amounts, sums, by fixed or sliding periods, by geography, by type of purchase, by merchant?

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5. Interfaces. The end user interface is a key element in employee adoption. Consider:

• What are the types of interfaces?

Flexibility Attractiveness Payment network Features and Interfaces Ease of integration Price of use for employees reach settings into the• existingAre the IS interfaces multicurrency? or construction of a new• solutionIs there mobile access?

• The administration interface is often neglected. Is the administration interface at the user-interface level?

6. Ease of integration into the existing IT environment or easy construction of a new solution

• Can the envisioned functionalities be integrated into existing tools? Flexibility Attractiveness Payment network Features and Interfaces Ease of integration PriceDo they work in SaaS mode? Are they associated with an API library? of use for employees reach settings into the existing IS or construction of a new solution • Alternatively, is the solution entirely new? If so, how well are its component services integrated? Can the system scale to incorporate new features?

7. Price. Consider all cost elements and watch for unexpected costs.

• Beyond the direct costs — general issuing costs, the number of cards in circulation and usage — have you properly evaluated all the costs Flexibility Attractiveness Payment network Features and Interfaces Ease of integration Price related to transaction processing? of use for employees reach settings into the existing IS or construction of a new solution

The corporate card industry is challenged with stabilizing a new ecosystem that’s still under construction, particularly the economic model and the various players’ businesses. A company considering corporate card services will need to interact with this broader and more stratified ecosystem, either by hiring a program manager who can manage and organize the complexity, or by integrating the various players in the value chain itself.

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How DXC Technology can help

DXC Technology can help design the most appropriate cost management system for your business, from analyzing your needs through launching a new solution and hosting it to managing the service center.

DXC has proven cards and payments experience in transportation, banking and insurance, retail and e-commerce. Our technology-agnostic, architecture-based approach helps our customers transform in a structured and resilient way. We leverage new and emerging digital technologies to help our customers thrive in an era of change and rising expectations.

About the authors

Maylis Cordat, payment consultant, DXC Technology

Jean-François Delorme, partner for payments in Southern Europe, DXC Technology

Alina Razzouk, payment consultant, DXC Technology

Learn more at www.dxc.technology/banking

Get the insights that matter. www.dxc.technology/optin

About DXC Technology DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world’s largest companies trust DXC to deploy our enterprise technology stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.