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 Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism. He can be reached at pryan@royalmedia.com.

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