Brex launches mobile cash flow management tools

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Brex has launched a set of new features for mobile cash flow management for startup founders, according to a press release on Tuesday, February 15.

According to the release, startup founders face different cash flow needs for their businesses, often managing everything without a finance team. As such, they require different products, which Brex claims to provide.

Brex’s mobile app now allows for the creation of up to eight accounts, including payroll, marketing and tax, all of which are funded by direct deposit or cash transferred instantly between accounts. This will allow more visibility and control over the funds.

The accounts can be used “for any purpose,” according to the release, and can include helping to separate investor funds from operational expenses through automated processes. Brex will also feature a mobile home screen with a personalized task inbox, which may include payment approvals or transaction reminders.

“Business mobile apps have always lagged consumer apps, especially in business banking and expense management. That shouldn’t be the case,” the product manager said. Karandeep Anand in the statement: “Brex is doing things differently with its mobile app by focusing on productivity, so founders and employees can spend less time managing expenses and more time building and scaling their business. startup.

“Unlike most banks, Brex caters to the financial needs of the fastest-growing startups, whose founders expect top-notch mobile support that complements their working style.”

Last month, Brex also partnered with 1Password to help bolster online payments, which PYMNTS says will allow 1Password customers to use virtual cards from Brex.

See also: 1Password partners with Brex to secure online payments

Brex customers will be able to autofill card information at checkouts, and admins will be able to create and fill in vendor cards at checkout.

When employers connect their accounts, a Brex vault is created for their 1Password account. Users will be able to access their accounts through 1Password in the browser, managing it through the Brex dashboards.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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