BNP Paribas Fortis automates credit card statements via CARO

BNP Paribas Fortis is now sending its credit card statements digitally to the accountants of their corporate clients. For this purpose, the bank uses CARO, the new service from CodaBox, a subsidiary of Belgian fintech Isabel Group. The service is available today for the accountants of the 60,000 professional clients of BNP Paribas Fortis and Fintro, for whom CodaBox already delivers CODA files.

Until now, accountants were forced to add transactions on their clients’ expense reports manually to the accounts. With BNP Paribas Fortis and Fintro, the country’s largest banking group is now automating the process. The digital credit card statements of clients will be automatically made available to accountants, provided their accounting software allows it. If not, they will receive an interim solution in the form of a PDF.

Marie Costers, CEO of CodaBox: “With this service, we expect to be able to digitize nearly one million credit card statements per year. We draw a line under missing or delayed statements every month and three months at the time of the VAT return. We provide peace of mind to accountants by saving them time and avoiding typing errors. Currently, we are seeing a real digital acceleration in our industry, we are sure other banks will follow suit soon.”

Exchanging fewer documents

Subject to cardholder consent, CodaBox links expense statements to its customers’ accounts, similar to regular bank account statements (CODA). CodaBox launched CARO last year.