Wallester: New generation of corporate finance

Personalised financial services have been a trend in recent years. Such services help companies to promote their brands, optimise customer experience, and increase the efficiency of operations. It was once believed that such solutions were only available to large businesses as they require considerable resources, time, and effort. However, the situation has changed, largely due to the emergence of the innovative Wallester card issuing platform. It has made personalised financial services available even to SMEs. Let us tell you about this company, what services it provides, and why its offer is truly unique.

It is much easier and faster to manage corporate expenses using modern technology, namely expense cards for employees that can be issued using the Wallester Business platform. These payment cards give the holder quick access to corporate finances up to the limit set for their position. Employee expense cards can be physical or virtual. We will go into more detail in this article about what they are.

How expense cards work

The responsible employee issues the required expense cards via the Wallester Business platform. Each card has a limit on the amount and scope of use, depending on the employee’s job description and status in the company. Limiting prevents wasteful spending and the possibility of fraudulent actions by third parties. It is an additional security measure.

Example. A company has an employee in the marketing department who has to travel extensively around the city and beyond. He is given a card that prohibits all types of expenses except for transport and marketing services up to 1,000 c.u. He uses the card to pay for public transport, taxis, or hired cars. He cannot use the card when the allocated thousand dollars runs out.

If the money is spent inappropriately, the company’s financial department will know about it online. At the same time, having a limit will only allow employees to use up to what they can by their job description. All expenses will be displayed in the financial reports automatically generated by the system. The finance department will also be notified whenever an employee uses an expense card. It is much easier for the finance department than waiting for an employee to provide a paper receipt and fill out the appropriate report. The cards save time and increase efficiency for all employees in the company.

What is Wallester?

The Wallester was registered in Estonia in 2016. The company that owns it has a payment processing licence issued by the Estonian Financial Supervisory Authority (FSA). It is also included in the list of VISA Principal Members and is a partner of the international payment system.

Since 2018, Wallester has been issuing its own financial products — credit, debit, prepaid, and corporate cards. The company offers personalised business solutions that promote its partners’ brands and allow for the creation of convenient payment instruments.

In 2023, the company increased its staff 4 times compared to 2021. Its revenue grew 12-fold, and the number of cards issued increased 22-fold. The brand’s popularity allowed Wallester to enter the list of TOP-3 largest financial companies in Estonia.

2023 was a crucial year for the company. It received the PCI DSS Level 1 financial transaction security certificate. The high-tech startup was also awarded the prestigious AWS Best Expense Management Platform 2023 award in the SMB Security Campaign.

Today, Wallester is a successful company with offices in Estonia and France. Its products are available in 37 countries, both in Europe and North America. Wallester has completed 24 major projects to promote well-known brands. Its partners include AstroPay, Delphin Group, and Striga.

Wallester’s services

The company’s first breakthrough product was the Wallester White-Label service. It allows businesses to create their own payment cards — credit and debit, prepaid and corporate, gift, and even cryptocurrency. Using this service, you can also order membership and loyalty programme cards.

The advantages of Wallester White-Label are as follows:

• The possibility of full personalisation — the brand is added not only to a plastic card or a virtual image but also to mobile applications and the corporate finance management portal.
• Convenient integration into business processes — the service uses a cloud infrastructure with REST API. You can connect it to your software in the shortest possible time.
• High level of security — 3D Secure and PCI-DSS Level 1 technologies, as well as AML & KYC functions, are supported.
• Promptness — virtual cards are issued instantly. You can order an unlimited number of payment instruments.
• Innovation — support for tokenisation technology enables adding cards with your brand to Apple Pay and Google Pay payment systems.

The next step for the company was to launch the Wallester Business financial management platform. It is a comprehensive web portal that allows you to control company expenses and issue corporate cards. By creating an account, you can set spending limits for each employee, approve or reject transactions, create white lists of trusted partners, and launch payroll projects.

Wallester Business provides the following benefits to programme participants:

• Affordability — the basic plan provides for the free issuance and maintenance of 300 payment cards. It is the best choice for small and medium-sized businesses.
• Personalisation — the service allows you to create individual cards with the company’s brand for departments, managers, partners, and contractors.
• Advanced analytics — the online portal allows you to view summary reports and information on each account. It provides 100% control over cost efficiency.
• Quick start — you can connect the first cards just one hour after registration. You do not need deep technical knowledge to do this.
• Full integration — the platform also has a REST API, which allows it to transfer all the necessary data to your software.

Why Wallester?

Back in 2016, the company’s founders Dmitri Logvinenko and Sergei Astafjev discovered the unique prospects for the development of the embedded finance sector. They embarked on a vital mission to make personalised financial services simple, accessible, and efficient.

That is why Wallester’s web portal and mobile applications have an intuitive interface that allows any employee to control the use of corporate finance with minimal effort. The simplicity of this solution reduces the time and resources spent on training.

Another advantage of Wallester is the maximum simplification of business processes. For example, the corporate and expense card management service allows you to digitise invoices in seconds. To do this, employees need to select the appropriate function and take a photo of the paper document with their smartphone camera.

Finally, the versatility of Wallester’s offer is also worth mentioning. The company cooperates with retailers, online stores, banks, insurance companies, travel agencies, microfinance organisations, and representatives of other business sectors. It has ready-made solutions for each of these segments, which allow it to quickly create innovative payment instruments, staying ahead of the competition.

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