from London England it's the cube covering Koopa inspire 19 Mei brought to you by Koopa hey welcome to the cube Lisa Martin on the ground in London at Koopa inspire 19 very pleased to welcome to the cube for the first time we have Dean Henry the EVP of business financing and supplier management from American Express Dean welcome to the cube thank you happy to be here so let's talk about payments we those of us in our date lives as consumers the b2c transactions are so easy these days right you can transact from your phone from your watch it's we're doing everything we're paying bills we're buying things yet in the b2b space business payments haven't had as rapid as innovation as we seen on the on the consumer side talk to me a little bit about the business-to-business payments industry from MX's perspective before we get in to what you guys are doing with Cooper yeah well first comment on on the innovation you're absolutely right the innovation that's happening and retail payments hasn't made its way to b2b payments I think that's mostly a function of you know a consumer having the ease to try something new download an app and and change the way that they transact a bit at a store but with with whomever they're paying whereas a big business has a lot of processes that drive their their business spend and the way that they manage it and systems and you know as we're here talking with Koopa today you know the the processes that they automate and that they bring are critical to you know making payments happen and because because of that there's just barriers to entry that make make b2b payments harder to mirror the speed that you see in the retail side that said there's a lot of exciting things happening you know b2b payments is a hundred and twenty seven trillion dollar market globally it's a big profit pool that a lot of players are innovating in and when you look into the landscape and you consider who's playing out there you know there's traditional big banks that have been sort of the stalwarts of Global Payments there's obviously a large and grow and growing FinTech community with new companies every day that are in the media offering new capabilities to to clients and then there's players like American Express and I think we're actually uniquely positioned in that landscape with not too many exactly like us and when you look at you know the big banks and some of the challenges that they have when I talk to our customers about fees and and you know processes that take a while or money that moves with with relative uncertainty in terms of how much is actually going to show up and the beneficiaries account based on lifting fees as money moves between banks and then you look at the FinTech community that's new innovative solutions but you're not sure that they're always going to be around you know after the next funding cycle I think we're we're trying to play an in the middle where were a great alternative to the FinTech community we're a global platform for payments we're a global platform for lending so we can really do all the things that a FinTech can do all the things that a bank can do in many instances and and do that with the brand and the certainty that is a max and so we're excited about the space and we're investing a lot of time and energy and and partnering where we need to in order to make sure our customers can transact where they want us to to help them facilitate commerce right that point of enabling a customer to transact where they want what influences are you is the American Express seeing and being able to infuse into your partnerships from the consumer side from that consumer who buy something with a click or a swipe on Amazon and wants to be able to do something similar in their business day job tell me about the influence that American Express is seeing and what that position that you just subscribe is allowing you guys to say all right this is a direction that we're gonna go and because we know yeah I need to meet you mr. customer where you are right what look I think part of it is is demographics to be perfectly honest if you look at Gen Y and Gen Z they're they're more of the decision makers in today's management they will be even more tomorrow's management and so they to your point have that expectation that their business life shouldn't be that much more complex in their personal life so so what we're trying to do is find the partners that have the best user experience and make sure our solutions work seamlessly there that's step one that's that's what we're doing here with Koopa step two is we're also trying to make sure that our capabilities on on Amex a digital real-estate works just it just as easily as our retail side of our business and we're we're doing that you know with a with the unifying principles and American Express which is you know the trust and the service and the brand that that we offer to our clients but then also the the merchant rewards so there's a rich history of of American Express providing a differentiated value proposition with the credit card rewards that that exists and we take take that capability into our our business relationships and make sure that it's a value add to those customers that want it so let's talk about what American Express is doing with Kupa what was it just announced with Koopa pay so yeah Koopa pay you know I was impressed by the stats that Rob put up there they're they're growing quickly and we want to be part of it we're a candidly following the requests of our clients who want American Express as a payment option inside the Koopa pay we offer a tremendous value prop inside of Koopa pay the data that flows with a payment the data that we're able to collect that differentiates us from our competition helps our our clients reconcile their payments eliminate the paper realize the efficiencies that that Koopas clients are excited about and so we're they're simply enabling American Express to be a payment option and my hope and I think Koopas hope is that that's step one of a partnership and and will be able to do more together to serve our collective clients so this is enabling American Express of virtual cards be available as a payment option within Kupa pay yes and what is a virtual card so virtual card is is a virtual credit card number it can be a one-time use or a multi-use okay and you know our our clients use it for several different reasons you know buyers of of goods use a virtual card in order to make the payment of a supplier easier to get more data along with the transaction so that they can reconcile a payment to a purchase order and to associated invoices the suppliers get benefit as well and in that they to get enhanced data to reconcile payment that they receive on their end there's also working capital benefit in that if if a buyer chooses to pay early an invoice we can extend financing and pay the the supplier earlier so that they have more working capital to operate their business and so so it's a real balanced value prop where both parties are realizing value is this going to enable a buyer to have benefits like increased security with the way the virtual card works yeah what increased security and so far as a virtual card isn't is encrypted the fact that you know American Express stands behind all of our card payments with our brand and our promise that differentiates from you know a traditional bank payment you know ACH and other other low value clearings that don't have those guarantees along with it and so so that is a big differentiator but but I think candidly the the biggest benefit our clients see is the enhanced data and the working capital I think that's where we're trying to enrich both sides of the transaction give more data to enable the automation that's happening in the industry and extend credit so that businesses can operate more efficiently and and and by the things that they need to buy and hire the people they need to hire is this also something that will give suppliers and buyers more visibility you talked about enhanced data well they now have more visibility over buyers like different supplier options or suppliers with different ways that they can get paid so certainly enhance visibility on on when a suppliers getting paid and relative to the invoice date and what we're trying to do is work with Koopa and work with our partners around well how do we enhance the data so that so that as you know Koopa talks about the community of suppliers that their buyers utilize how can we be part of that how do we support the buyers and making decisions the suppliers and utilizing American Express as a as a source to be a verified business that has gone through all the legal legal checks that are required in commerce and bringing both of those capabilities to to do a transaction on the Koopa Network one of the stats that Rob mentioned this morning and love stats I really geeked out over them I don't know why you say there's five million plus suppliers on the Koopa platform is that an advantage that American Express sees to help extend the footprint of your virtual cards absolutely I what I'm candidly more excited about is the millions and millions of suppliers that are on the American Express network and that's an asset that I see personally as something that we can work with with Koopa and other partners to bring you know the businesses that are already verified that are on our network that we personally talk to every you know every year and bring those verified profiles to the commerce networks like Koopa so that it's easier to transact on Koopa if you have an American Express card got it and then last question for you is if we look at this partnership what was announced today this is launching in the UK and Australia first and then you'll roll it up more globally can you tell me a little bit about why those two regions yeah one that's going to be available for customers to use so so the honest answer is we wanted to be fast to market and quick and quick out to our customer base the UK and Australia are two very important geographies for us so we're launching first in those places by the end of the year and then looking at rolling out in the US and early 2020 and then from their expanding alongside excellent well Dean thank you for joining me on the cube this afternoon sharing what's new with Amex and Cooper we appreciate your time thank you so much really happy to be here excellent for Dean Henry I'm Lisa Martin you're watching the cube from Cooper inspire London 19 thanks for watching [Laughter]

>>From London, England. It's the cube covering Kupa inspire 19 PVR after you by Cooper. >>Hi. Welcome to the cube Lisa Martin on the ground in London at Kupa inspire 19 please do welcome back to the cube Ravi talker, the SVP, a business acceleration that Cooper won't be welcome back. It's great to be back. Thanks for having me. Likewise. So lots of, lots of buzz around us. Everyone's eating lunch, but there's a lot of folks here in London, a lot of exciting news coming out in this morning. Lot of customers and fused in Rob's keynote. I lost count of how many great customer examples were showed. Talk to us a little bit about Kupa pay and some of the innovations that you guys are delivering now. >>Yeah, absolutely. So pay pays a great new area for Coupa. We call it the fourth pillar and Rob's analogy of the pipe procurement, invoicing, payment and expenses. And so actually we started this journey a really last year at this event where we announced virtual card for purchase orders and a strategic relationship with Barclaycard. And over that past year we've done some amazing things with relationships with JP Morgan, Citibank, and we just announced a great relationship with American express to provide American express virtual cards on the Coupa pay platform. So we've been working hard at it. We've seen some really good success early success with customers. Uh, we announced some other great innovations in our Vegas conference just a few months ago where we announced invoice payments is generally available along with partnerships with Stripe and PayPal. So it's been really busy. >>It has been the B2B payments space. It's a big market, 1.2, I think trillion global and global volume. But it's also challenging because on the consumer side, on the BDC side, it's so easy for us to do transactions right on our phone, tablet watches, and we had this expectation that we can pay for anything. We can find anything, we can pay bills so easily. But on the B2B side there's a lot more complexity. The BDB hasn't, payments hasn't been able to innovate nearly as quickly as on the consumer side. But I'd love to get your thoughts on what is Cooper able to leverage with Coupa pay that's maybe going to start meeting some of the demands of those business folks who in their consumer lives have this expectation of a swipe or a click to do a transaction. >>Yeah, it's a completely different ball game consumer versus B2B, whole avenues around risk profiles of your suppliers. You know if you pay a supplier that's doing illegal business are doing place and where the government doesn't allow it puts your brand and your reputation at risk. Very serious risks. And so we incorporate a lot of what we do with the community. So you heard Rob talk about that in his keynote. A lot of things around community intelligence. So for us being able to rely on thousands of customers of data, millions of transactions, being able to see things across all of our customers and really create alerts and transactional efficiencies for our customers in B2B payments. That's a big change for our customers and we're just starting to get to see some of those transactional elements. I think the second thing that we've seen with B2B payments, and it's interesting money, 2020 is one of the largest, uh, payment conferences, uh, in the world. And it happened I think last week or the week before in Vegas. And this year has been a lot of talk about B2B payments, whereas last year is mostly B to C. and so we feel we've been making an impact in the entire payments area because to us it's bringing together all of the different payment rails, whether it's virtual card or bank transfers or cross border, but being able to do it across dozens and hundreds of countries and it global fashion. That's a big game changer for large enterprises. >>So one of the things that was a theme this morning during the keynote was trust. I had the opportunity to speak with Rachel Botsman trust expert who did a keynote this morning. And as we look at some of the numbers that Rob shared, you mentioned a few of over a thousand plus customers using Coupa. I think he's shared over 5 million suppliers on the platform. You talked about this community, this massive community that you are co creating with. Talk to me about Coupa pay and its ability to help deliver that trust so that Coupa can be that trusted advisor that it wants to be with. It's not just its customers but as partners too. >>No, absolutely. And Rachel's presentation this morning was fantastic. Yeah, absolutely. And so, you know, uh, my background actually I Kupa for a decade I ran customer success. So I engaged with C level executives at all of our customers. And as part of that process, a trust was a big factor in that when we said something we would deliver that. And over the course of the years that coop has been around about 1314 years we've held very true. That stands in our number one core value of ensuring customer success. And when you look at all of the customers that are willing to put their six, what we call success metrics, how much they've spent saved the spend that they have under management when they are publicly talking about it. That's trust that we've created with them in this partnership because they believe in what our ability to deliver says we decided to go into payments or we're trust and payments is a very big deal as mentioned earlier. Right? You don't get necessarily fired for screwing up our purchase order or an invoice, but if you send money to the wrong supplier to the wrong country, you know, there's a lot of risk associated with that. So we take that very, very seriously and how we've been developing and creating solutions around Kupa pay. And so it's just the overall Avenue that we work with our, we treat them as partners, not as a vendor supplier relationship. And because of that we have this mutual trust that we're both in this together in this large community. >>Yeah. And Rachel Botsman talk about sort of that balance between, uh, trust and risk. Yeah. Which was very interesting concept. Um, talk to me about, I'm just thinking like even from a fraud on a supplier perspective, one of the things I know that Cuba is able to do is alert a customer, Hey, there's a supplier that has a history of whatever it happens to me that's, that's my inflict risk on that customer. Tell me a little bit about that. From a trust risk kind of balanced perspective, what you guys are delivering there. >>It's a great area that we're just really starting to get into as well. And so being able to leverage the community of buyers and suppliers and having everything in a single code system code platform allows us to do a number of these things. And so for providing our customers, not the necessarily the, the exact thing that they should do, but providing them the relevant information in order for them to make the right decisions. Yeah. There's an old adage that I go by which is trust but verify. And so it's the same similar concept here. It's our goal to provide these prescriptions to our customers on what is the supplier doing or how can you improve your processes. And with these prescriptions, as Rob mentioned this morning, it's, it's up to our customers to choose what they want to do with those prescriptions. Sometimes they may take it, sometimes they may not >>and he gave a number, I want to say 22,000 prescriptions and he gave a time period in the past 12 months. That's what I thought as well. So a lot of insight literally coming out of that community. Love to chat though about the community in terms of the B2B payment space, not only we talked about how it's being influenced by consumers, but the changing role of procurement and finance. Yeah, a lot of just disruption there. We talked about that a few months ago and didn't get a lot of opportunity for financial leaders to become much more strategic and a lot of the examples that Rob shared showed how impactful company wide the impact that procurement folks, finance folks can make. Talk to me about how the Coupa is leveraging that community to help them get more visibility on how that procurement role is changing and how Coupa can help it be much more strategic. You know what I, that's a great question. And >>what I respond with that is, what's the name of our conference? It's inspire, right? We want to inspire this community to really go to that next level and really look deep inside themselves. It, Rob talks about all these different adjectives of Brown, all the different, what we call spend setters. It's a great initiative that we've created because we're giving our community of voice and that's always the biggest thing in how you affect change. How do you give people a voice? How do you give someone a story that they can grasp onto such that they can make it their own, such as they can take those facts and that relevance and apply it to their own day to day jobs. And that's a big thing that we're looking to do. But it requires going back to trust. It requires a little bit of trust in what we're doing. And by providing those stories, it gives these, our customers, our champions, uh, the ability to fall back on those, have that foundation for how to make change, how to disrupt their organizations. You know, Rob gave that great example of Telenor. You know, their seep, their chief procurement officer created a blueprint and a plan to provide mobile service. I think it was an India is a great example of what an individual can do and when you're that individual and you have visibility and tall your supply base into all of the spend going across your company, it's very, very powerful. >>I saw a survey that Cuba did recently have, I think 253 financial decision makers in the U K and some of the stats were quite shocking that 96% I believe said we do not have complete visibility over our entire spend. Right. Wow. Right. That's because one, some of the things that Rob shared this morning was the massive, massive savings that companies can achieve, but not having that visibility. You've got blinders on. There's a lot of risk there. There's a lot of expenses that probably should be going into procurement, but that was really 96% saying we don't have complete visibility. What's Cooper's answer to that? >>You know, it's, it's an interesting statistic. Right? And I, I gave a presentation I think seven, eight years ago, and I started off that presentation with saying, you know, if you are an HR and you didn't have track of all your employees, you'd be fired. If you're a head of sales and you didn't have an understanding of all of your open opportunities for business, you'd be fired. So why is that different for spend? Right? Why not have visibility and have access to all of the different spin that's happening across your company? And your Rob said it best in his keynote. We talked about what's actually happening in the world today. It's not necessarily around customer relationship management software, CRM, right? It's not necessarily around human capital management, but it's the well capitalized businesses of the world today. And today's day and age and this uncertainty of Brexit, uncertainty of the global climate, us, China trade relations, who's well capitalized to make and withstand what could be some, you know, unsettling times. Now there's another very interesting thing we saw with that same survey. Excuse me. Along with some of the things we saw with the wall street journal with some surveys we did with them, these finance professionals, they want to have that visibility and our answer to them come talk to us. >>So speaking of influence, inspiring, tell me a little bit about how the Coupa community influenced or is influencing the evolution of Coupa pay for example was Hey, we've got to have Amex virtual cards integrated with Coupa pay. Was that something that came from the voice of the community? Yeah, so we, >>you know, all across Koopa ever since the inception of the company, it's always around partnering with our customers, with our community to really listen and understand what they, what they're looking for. But doing it in the guy in the, within the framework of our core values as a customer, as a company. And the first one that I mentioned earlier, ensuring customer success. So we want to listen to our customers, we want to better understand them. So around virtual cards, you know, how do we choose to do an Amex or a Barclaycard? And to us it's actually pretty simple. We wanted to make sure that we're able to cover 80 to 90% of our customers with these large issuers. And we've been able to do that over the past year in negotiating these agreements, figuring out the technology components. And so we've been executing and delivering on that over the past, uh, over the past year. >>And if I understand that the press release correctly, KUKA pay with Amex virtual court integration is launching first in the UK and Australia. Correct. Can you tell me a little bit about those markets and what were some of the deciding factors? They said, Hey, well we'll go, we'll parlay on your title of acceleration. Is this, are these the right markets to launch and to accelerate copay? >>Yeah. Um, you know, there's obviously a lot of different ways and opportunities that American express has to go to market, massive company, great company to partner with. And so what we saw with them is from a technology standpoint, starting off in the UK and Australia made the most sense. We also have existing demand with customers that are ready to get going and really help us make sure that we create the right experience. You know, we expect this partnership to be really big and so as part of that, we want to make sure that we're able to deliver in certain markets first before we expand this and make this a much bigger thing. American express has a very prestigious brand. We want to respect and support that and we have our own brand that we want to support with our customers. We want to make sure we do it right. >>Well, Ravi, last question. I know that you're keynoting tomorrow. Yes. What are the couple of takeaways that you're going to leave the audience with tomorrow during your keynote? >>Yeah, it's a great, good question. I think the, the takeaways for tomorrow is we want to share some stories. You know, going back to inspiration, it's all about storytelling. Do we have stories to tell our customers such that they can relate to it and fall back on that? So we have three great customer speakers tomorrow. Really excited about the stories that they're going to share about Cooper pay and their journey with it. And my take away for our are the audiences. How do those stories relate to your business and is there a way that we can help you streamline your payment process? >>Awesome. Robbie, it's been a pleasure. You back on the cube. Best of luck at your keynote tomorrow and we'll see you at the next inspire. Yeah, absolutely. Thank you. All right. For Ravi talker, I'm Lisa Martin. You're watching the cube from London. Coupa inspire 19.