Finovate Blog

Think global. Test local.

Spokane, Washington-based Obloco will beta test its white-label expense-reporting solution with area businesses and Washington Trust Bank (WTB). Obloco Expense Reporting gives community banks and credit unions the ability to offer their business customers a simple expense reporting solution in addition to their online business banking. “Businesses manage their other expenses via online banking already,” Obloco CEO Victor Yefremov said, “It just makes sense to have expense reporting in the same place.”

CEO Victor Yefremov demonstrated Obloco Expense Reporting at FinovateSpring 2016.

Obloco Expense Reporting solves the problem company CTO Sam Fleming referred to as “the One-der Receipt.” He explained: “The reason it’s a One-der Receipt is there’s one line item, yet it takes 12 inches (of paper).” Obloco differs from other popular expense reporting and management solutions by focusing on the needs of smaller businesses rather than the “complex workflows” of larger enterprises. “We don’t want that tier of check-offs,” Fleming said. “We just want a simple process where people can collect their receipts.”

Users can type in the amount of the expense in the app—displayed on a smartphone during the company’s FinovateSpring demonstration—as well as vendor or merchant name, category, and any codes or project tags. Capture the receipt with a photo from the smartphone camera, mark the expense as billable or reimbursable if applicable, and that’s it. Users can generate and send completed expense reports directly from the app. The administrative back end features a dashboard that gives the business owner or accounting professional an overview of all expenses, including actual receipts, as well as a way to approve expenses and generate CSV and PDF reports.

Geoff Forshag, VP and director of products and services for Washington Trust Bank, says, “We believe the Obloco digital expense reporting solution can be a great addition to our current suite of business solutions.” The oldest and biggest privately held commercial bank in the northwestern U.S., Washington Trust Bank was founded in 1902 and has more than 40 branches and offices in Washington, Idaho, and Oregon. WTB has assets of more than $5 billion.

Obloco was founded in 2014. The company demonstrated its expense reporting solution at FinovateSpring 2016.