Paytron selects Thredd as its Global Issuer Processor

Thredd, an expanding global payments platform, has announced its partnership with Paytron, a comprehensive workflow and spend management platform, as their chosen global issuer processing technology provider.

This collaboration allows Paytron to offer its customers the ability to issue virtual cards to employees worldwide, using Thredd's cutting-edge issuer processing technology. This new feature is part of Paytron's employee expense management tool, transforming the traditional, lengthy paper-based expense process into a fully digital solution. It enables swift expense reimbursements through Paytron’s centralised platform.

The Paytron solution offers a streamlined process for expense management. Employees can upload their expenses directly to Paytron's centralised platform. This action triggers a notification to the designated expense approver, followed by payment via virtual card within 24 hours. This system not only resolves the delay employees often face in receiving reimbursements but also improves SMEs' ability to manage expense forecasting and navigate the complexities of international currencies.

Established in 2020 by Jaco Veldsman and Francois Henrion, Paytron rapidly became a leading B2B fintech company in Australia. It was recently acquired by OFX, a prominent global online foreign exchange and payments company based in Sydney.

Hosted on the AWS cloud, Paytron's advanced platform functions as a centralised hub for businesses to manage invoice and expense workflows efficiently. This all-encompassing solution addresses a range of financial operations, including accounts payable, international transfers, and payroll, thus enabling businesses globally to make secure and informed financial decisions. Within less than three years, Paytron processed transactions exceeding AUD 1 billion, showcasing the effectiveness of its solutions.

Damien Gough, Head of Asia-Pacific at Thredd, remarked: "Paytron's smart payments technology revolutionises the way accountants and finance teams of international businesses manoeuvre the complex web of payment information across multiple jurisdictions."

He further stated: “They are an incredibly exciting business, and we are thrilled they selected Thredd to power their international expansion. We look forward to collaborating with Jaco, Francois, and the team as they grow in Asia-Pacific, and enter new markets, including the UK, mainland Europe, and North America.”

Jaco Veldsman, CEO of Paytron, commented: “We are an ambitious company and wanted an issuer processing partner who understands the needs of fast-moving scaleups, who has a similar entrepreneurial culture and has the international reach we need to be able to accelerate the launch of our platform worldwide.”

He added: “Thredd sits at the heart of the next-gen global ecosystem processing transactions across 44 countries and counting. This, alongside their powerful next-gen modern payments tech stack, recently enhanced with world-class fraud prevention technology, made them the perfect choice for us.”