- Employees across the whole company can use the Direct Card for business expenses anywhere in the world – including trips, instore and online purchases
- Direct Card can be used anywhere where Mastercard® is accepted
- It can be provided as an individual card to each employee or as a single card that teams can share
- Provides Financial Directors and company accountants with a direct overview and control over all company expenses
- The solution has already been adopted by companies such as Ogilvy, HRG, AlgoTech, ŠKODA Auto, HYUNDAI Motor Manufacturing Czech s.r.o. Tatra Trucks and Economia
Direct finance Europe a.s., in collaboration with Global Processing Services (GPS), announces the release of their Direct Card, an all-inclusive corporate expense management prepaid Mastercard® solution to the Czech market.
Direct Card is a prepaid solution that has been developed to facilitate expense management for businesses and their employees. Businesses can transfer funds from their corporate account to a Direct Collection Account and have the ability to control card functionalities, set spending amounts per individual user or a group of users – and in real-time. The cards can be easily uploaded with funds and instantly used by employees for payments at any merchants accepting Mastercard, at over 160,000 business premises in the Czech Republic and 30 million locations worldwide.
Companies have the ability through the web or mobile application to manage and control their corporate finance online, order and administer the settings of individual or shared cards and control their usage as needed; for example limiting payments on certain days of the week only, limiting cash withdrawals from ATMs, defining the type of expenditure allowed or even block cards if required.
Employees have access to the Direct Card web or mobile app which is linked to their card where they can view in real-time all transactions and card balance, scan and store their receipts and block the card in case of loss or stolen. The app provides speed and convenience for employees in reducing those long hours spent on administrative tasks dealing with sorting out expenses.
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Financial Directors or accountants in a company can view spending in real-time and control spending limits per person or per user groups defined. This provides the company or management teams with a better overview of how each individual or department is managing their budgets while keeping total control over company cash flows in this regards and reducing time spent on bookkeeping.
Companies can also choose to give their employees a complete coverage and peace of mind for their business trips with the Direct Travel Insurance. Employees can subscribe to an annual insurance package for medical expenses and liability insurance of up to CZK 30 million. The insurance covers repeated trips up to 90 days and includes all trips including holidays.
Central Europe is a rapidly expanding fintech hub with an estimated worth at EUR 2.2 billion and an annual growth of 55%, with Czech Republic, alone, covering EUR 190 million of this according to the Deloitte Fintech Study. Direct finance, is emerging amongst the fintechs in Czech Republic that are disrupting how businesses operate.
Suresh Vaghjiani, Managing Director at Global Processing Services, comments: “Central and Eastern Europe are experiencing rapid annual growth in the Fintech sector. It is very exciting to know we are contributing to that region‘s growth, enabling fintech disruptors, like Direct finance, to develop customer-led innovations in corporate cash management.“
Pavel Rehak, CEO at Direct finance Europe comments: We aim to simplify our customers‘ life through simple, fast, reliable and friendly solutions. Direct Card provides just that in the area of cash and expense management. We are excited to see the interest and positive customer response that is being reflected in our rapid growth of more than 100% year-on-year as we are approaching further service innovations and regional expansion.