- Way2VAT recently introduced world’s first spend card for the SMB and Enterprise market that fully automates VAT/GST returns.
- The automated end-to-end reclaim process is operated through image processing and Artificial Intelligence (AI).
- In the initial rollout phase, the fintech firm will be bringing it to use for its customers in four prime sectors - aviation, security, automotive and technology.
- These customers will now have access to an easy expense management system, with more control over spends.
Way2VAT Ltd (ASX:W2V), one of the prominent names in automated VAT/GST claim and return solution space, is all geared up to rollout the world-first Smart Spend Debit Mastercard to its customers in four prime sectors - aviation, security, automotive and technology industry. Way2VAT zeroed in on these specific sectors upon considering the capability and suitable application of the card.
The Smart Spend Debit Mastercard was launched recently by Way2VAT in partnership with Railsbank giving firms easy solutions to submit spend receipts and manage invoices using Way2VAT’s proprietary technology platform. The smartcard fully automates VAT/GST returns from end-to-end for the SMB and Enterprise market.
The platform takes care of the entire process starting from receipt capture to payment by automatically analysing, reconciling, sorting, and submitting required documentation to foreign tax authorities. The VAT/GST is automatically submitted with all relevant administration completed, as per the expense by employees from their allocated amounts.
Way2VAT is the world’s only fintech company which automates global VAT/GST reclaim processing via image processing and Artificial Intelligence (AI).
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Key features of the Smart Spend Debit Mastercard
Source: W2V Presentation
Coming to specific sectors, W2V’s smartcard will ease complicated payment processes and provide a simple solution. In the aviation sector, smartcards will help in better management of fees at airports, fuel payment, as well as other spends.
In the security sector, teams involved in mega projects will be able to access tailor-made, turnkey solutions using the smartcard. It will let them tag expenses and organise costs project wise.
Also, smartcard will allow automotive component manufacturers easy management of expenses related to travel, subscriptions, CRM, R&D, and marketing.
Data Source: W2V update
Image: Source: ©2022 Kalkine Media®
Way2VAT has also decided to rollout the smartcard for the technology sector players with subsidiaries to develop digital printing technologies. These companies are submitting spend receipts and capturing invoices using accounts payables systems on Way2VAT’s proprietary technology platform.
Way2VAT will receive additional new annualised income streams from the newly launched smartcard. The ASX-listed company will be generating revenue via a Software-as-a-Service (SaaS) model. It will include monthly charges to card users, administration licenses and a percentage from every VAT/GST refund.
Source: W2V Presentation
Here’s what Way2VAT CEO and Founder, Amos Simantov thinks about this initial rollout phase targeted to customers in aviation, security, automotive and printing sectors:
“These customers are excited as this card is the first in the world that will do their debit, expenses and manage their VAT/GST claims all in the one place. They can believe it will greatly assist the way businesses manage their expenses and gain more control over spending. The unique ruling engine of the card controls expenses per transaction by merchant, expense category, date, amount, and frequency. The card will also improve compliance, visibility and transparency for them.”
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