Challenge: Manual and expensive expense management process
Texas Medical Center (TMC) employees spend more than $300 million per year on work-related expenses and the reimbursement process is manual and tedious, costing time and money. Expense reports are submitted with paper receipts which means processing reimbursements takes weeks. Managers and finance teams have little to no visibility into what kind of expenses are being paid and where savings could be realized.
Solution: Embedding debit cards to streamline expense workflows
Building on Bond Treasury, TMC offers physical and virtual cards to its employees to streamline the inefficiencies associated with the expense management process — transforming a cost center into a profit center.
Bond enables TMC to replace its manual expense reimbursements and automate the process with fintech software. TMC employees will be able to pay with a dedicated TMC debit card to simplify the process and also TMC participates in gaining interchange revenue.
“We expect this forward-thinking change will bring tens of millions in savings in the first year of implementation alone,” Odero Otieno, Chief Technology Officer of TMC Innovation and CEO of TanaFlow.
Result: Speed to solution and savings
TMC partnered with Bond because of our speed. In Bond’s full-featured sandbox with pre-generated Postman APIs, they were able to experience first-hand how simple it is to build and how fast they could go live.
“Texas Medical Center wanted to create a better way for medical payments to be made,” said Roy Ng, Co-founder and CEO of Bond. “Paving the way to build innovative apps with new economic models for new industries inspires and motivates all of us at Bond.”
Bond Treasury enables organizations to quickly launch and test new capabilities while bringing customized financial products to their employees, customers, and broader ecosystem. Enterprise customers, like TMC, can easily and quickly embed financial products such as bank accounts, money movement, digital wallets, spend management, invoicing and expense management into their applications and workflows.
Today and beyond with Bond
This initial partnership is just the beginning for TMC and Bond. Our platform’s broad capabilities, including business charge cards and consumer credit cards, mean that TMC and the Tanaflow team have many options as they decide on the areas to build next.
“Over time, we expect to expand into other mission-critical non-clinical tasks and transactions, such as payment acquiring, treasury management, and credit. Bond has the technology platform, talent, and vision to be our long-term partner and we are incredibly excited to partner on this new journey,” said Otieno.
Jason Sakamoto, Head of Biodesign Innovation at TMC Innovation, added, “Our partnership with Bond will allow TMC institutions to drive innovation in healthcare financial technology for the healthcare industry the way we've been driving innovation in medicine for over 90 years.”
We’re excited to keep growing and innovating alongside TMC for 90 more!