- Way2VAT (W2V) partners with Railsbank to launch the world first Smart Spend Debit Mastercard, which fully automates tax returns from end-to-end
- The card allows companies to submit spend receipts and capture invoices through its proprietary technology platform
- The card controls expenses per transaction by merchant, expense category, date, amount and frequency, providing businesses with more control over user spending
- Smart Spend Debit Mastercard will be initially launched in the United Kingdom and Europe, W2V plans to expand the card in Australia and North America
- W2V shares are up 139 per cent and trading at 10.5 cents per share
Way2VAT (W2V) has partnered with Railsbank to launch the world first Smart Spend Debit Mastercard, which fully automates VAT/GST returns from end-to-end.
The card allows companies to submit spend receipts and capture invoices through its proprietary technology platform.
W2V said this new technology is an end-to-end process from capture of the receipt through to payment that automatically analyses, reconciles, sorts and submits documentation to foreign tax authorities.
This means, employees can spend their allocated amounts and the VAT/GST is automatically submitted with all relevant administrations completed.
The card controls expenses per transaction by merchant, expense category, date, amount and frequency, providing businesses with more control over user spending.
Smart Spend Debit Mastercard will be initially launched in the United Kingdom and Europe, W2V plans to expand the card in Australia and North America.
“The Way2VAT Smart Spend Debit Mastercard is the first of its kind and a game-changer for finance and management teams,” CEO and Founder Amos Simantov said.
“Many of our clients were asking for a product of this type. Our partnership with Railsbank can replace a company’s expense management system with a card that simplifies payments and eliminates complex administrative tasks.”
“It dramatically reduces loss potential and increases the value of the refund. The card offers complete control and transparency through an easy-to-use dashboard that ensures payments can be made quickly and efficiently.”
W2V shares were up 139 per cent and trading at 10.5 cents per share at 12:25 pm AEST.