Grasshopper Bank, Ramp team up on SMB corporate card
The new cards come with automated receipt collection, instant bill payment capabilities
Grasshopper Bank is partnering with finance automation platform Ramp to provide virtual and physical corporate cards with a host of features to its business clients.
The $606 million digital bank and fintech worked together over the last six months to provide the bank’s small- and medium-sized business clients with digital tools using Ramp’s automated platform, Grasshopper Chief Digital Officer Chris Tremont told Bank Automation News.
“There’s a lightweight integration today that makes it easier to apply for the card, and with Ramp you know it’s coming from a trusted partner,” Tremont said. “Our engineering teams are working together to use APIs or other technology that will allow us to tap into bringing some of that Ramp experience into the Grasshopper platform.”
Through Ramp’s cashflow management and forecasting capabilities, New York-based Grasshopper’s small- and medium-sized business customers will have access to receipt automation for touchless collection, instant bill payment and accounting integrations to help balance their books by scanning through transaction data. Ramp’s digital card controls will allow SMBs to manage spending using approval flows and policies to ensure automatic payments are only carried out on approved transactions, according to the Grasshopper website.
The new corporate card was a key driver for the bank’s digital-first focus, Tremont told BAN.
“Over the last 12 months or so [we] really took a hard look at our own technology stack and made a lot of changes and enhancements and improvements, and kind of rebuilt it from the ground up,” he said. “I think the access to the corporate card, a credit line in hand, […] I think that can help as well.”
Tremont will participate in the panel discussion “Automation and the pursuit of efficiency: a frank discussion on cost/benefit” at Bank Automation Summit U.S. 2023 in Charlotte on March 2-3.
Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit US 2023.
