Washington Trust Bank To Test Expense Reporting from Startup Obloco

  • Philip Ryan
  • August 23, 2016
  • 1

© Can Stock Photo Inc. / GarsyaIt’s a truism that expense reporting sucks.

Keeping your receipts together (and the ink may be toxic) and then typing up a summary to hand over to finance and wait who knows how long to be reimbursed — what a pain. Then the finance department has to input paper documents into a spreadsheet to import to their accounting software.

It’s bad. But what can banks do about it?

They can offer a solution for their business customers that makes it much easier. Washington Trust Bank, a $5 billion institution headquartered in Spokane, Wash., is doing just that in partnering with the startup Obloco, also in Spokane.

Obloco launched in 2014 with a receipt-capture solution meant to save time and effort on the part of the employee. Business travelers snap a picture of their receipts, input the data, and the application prepares the report.

Washington Trust is beta testing a whitelabeled version of Obloco’s technology that is built into the bank’s online channel.

“We believe the Obloco digital expense reporting solution can be a great addition to our current suite of business solutions.” said Geoff Forshag, VP and director of products & services for Washington Trust.

Obloco launched at Spokane Startup Weekend in 2014.

“Our product is tailor-made for small businesses,” said Victor Yefremov, CEO of Obloco. We provide a simple yet powerful expense reporting solution that allows businesses to spend more time running their business and less time dealing with expenses.”

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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