Yokoy strikes exclusive partnership with Erste Group

Yokoy automates the expense management, invoice management and credit card transaction processes for medium-sized and large companies. The self-learning solution allows expense processes to be completed within seconds, from submitting invoices to reviewing expense policies and approving and posting to a company’s system landscape. This reduces tedious and time-consuming administrative tasks.

Erste Group, an Austria-based financial service provider in Central and Eastern Europe (CEE) with 16.1 million clients in over 2013 branches in seven countries and over 45600 employees, has entered an exclusive technology partnership with Yokoy for its CEE markets. The end-to-end solution will initially be available to corporate clients of Erste Bank Oesterreich and then extended to all other financial institutions and markets of Erste Group via George Business. George Business is the new business banking service of Erste Bank and Sparkasse and offers entrepreneurs comprehensive financial management that also meets complex requirements.

With the integration of Yokoy into the George Business interface, Erste Bank card transactions from participating companies and their employees will be automatically imported, matched to receipts and booked in real-time. Additionally, given the complex structure of Austria’s collective agreements, Yokoy will assist in correctly processing payroll-relevant expense claims. Tax-relevant information and compliance guidelines will also be easily mapped and automatically checked.

“The partnership between Yokoy and Erste Group signals the way forward. We are very proud that Yokoy won the trust of the most modern bank in the highly regulated Austrian banking environment. By joining forces, we can better cater to customers’ needs for innovative banking solutions and help companies automate their spend management using AI,” says Philippe Sahli, CEO of Yokoy.

(Press release/RAN)