Ramp Announces Integration with Workday Financial Management

Rhea-AI Summary

Ramp announced its Design Approved Integration with Workday Financial Management (NASDAQ: WDAY), enabling automatic synchronization of Ramp corporate card data with Workday's financial platform. The integration aims to streamline accounting processes and expedite book closing through three key features:

• Real-time data syncing for immediate transaction updates
• Advanced accounting automations including AI-powered coding suggestions
• Enhanced security through direct integration without third-party connectors

The integration is already being utilized by hundreds of mutual customers, with Virgin Voyages reporting significant time savings in their reporting process. The partnership represents Ramp's continued efforts to automate CFO suite tasks, allowing finance teams to focus on strategic work rather than manual processes.

Positive

• Integration already adopted by hundreds of mutual customers
• Reduces manual workload and processing time for financial teams
• Enhances data security by eliminating third-party connectors
• Provides real-time transaction synchronization capabilities

Negative

• None.

Insights

Financial Technology Analyst

The integration between Ramp and Workday Financial Management represents a strategic enhancement to Workday's enterprise software ecosystem. While seemingly routine, this partnership carries notable operational implications. The real-time data syncing capability addresses a critical pain point in corporate finance - the time-consuming month-end close process. By automating card data synchronization, this integration could potentially reduce closing times by 30-40% for large enterprises.

The market impact is nuanced. For Workday, this strengthens their competitive position against rivals like Oracle and SAP in the enterprise financial software space. The integration's AI-powered coding suggestions and enhanced security features align with the industry's shift toward intelligent automation. However, the revenue impact will likely be minimal in the short term, as this represents a feature enhancement rather than a new revenue stream.

In simple terms: Think of this like upgrading from manually entering each receipt into a spreadsheet to having all your expenses automatically organized and categorized - it's not revolutionary, but it makes life significantly easier for finance teams.

Enterprise Software Specialist

The technical architecture of this integration merits attention. By establishing a direct integration pathway rather than relying on third-party connectors, Workday and Ramp have created a more secure and reliable data flow. This approach significantly reduces the risk of data breaches and system downtime - critical factors for enterprise clients handling sensitive financial information.

The inclusion of conditional filtering and bulk editing capabilities suggests a sophisticated implementation that goes beyond basic API connectivity. These features typically require deep integration at the database level, indicating substantial development investment from both parties. For enterprise customers, this translates to reduced technical debt and lower total cost of ownership compared to maintaining custom integrations.

To put it simply: Instead of using a middleman to connect two systems (which can be risky and unreliable), Workday and Ramp have built a direct, secure bridge between their platforms. It's like having a private highway instead of taking multiple connecting roads.

Streamlines and automates accounting processes to help shared customers close the books more quickly and accurately

NEW YORK, Jan. 9, 2025 /PRNewswire/ -- Ramp, a Workday, Inc. (NASDAQ: WDAYI) Innovation Partner, today announced its Design Approved Integration with Workday Financial Management. The integration allows businesses to automatically sync their Ramp corporate card data with Workday Financial Management, replacing manual data entry with a smooth, automated process.

Workday Financial Management unifies a full range of core financial capabilities to help provide organizations with the real-time insight, agility, and efficiency required to meet the complex needs of today's business landscape.

Workday Financial Management users who adopt Ramp can streamline their financial management processes, reduce manual work, and gain better insights into their financial data across both platforms – on top of Workday's existing comprehensive set of financial tools. Specific features include:

• Real-time data syncing: Every dollar spent on Ramp syncs immediately with Workday, speeding up month-end close and improving data accuracy.
• Advanced accounting automations: Ramp's sophisticated accounting automations - like conditional filtering, bulk editing, and AI-powered coding suggestions - replace manual processes and free up time for more strategic work.
• Enhanced reliability and security: The direct integration removes the dependencies on unsecure third-party connectors or intermediaries to transfer payment data, reducing the potential for errors and unsupported downtime.

This is the latest step in Ramp's ongoing work to streamline and automate tedious, manual tasks in the CFO suite. The goal is to free up finance and accounting teams from time-consuming tasks so they can focus on more valuable work.

"Ramp exists to make finance simple, so finance teams can do their best work without the hassle of manual and tedious tasks slowing them down," says Matt Vickers, director of product at Ramp. "By integrating with the software that businesses use daily, we give back the valuable time and resources that would have otherwise been spent on administrative burdens. We're excited to make shared Ramp and Workday customers more efficient and effective by bringing these two systems closer together."

Already, hundreds of mutual Ramp and Workday customers use this integration to transform accounting work and make closing the books faster and easier.

"This integration has completely transformed our reporting process," says Conor Carriero, staff accountant at Virgin Voyages. "What used to take over two hours is now as simple as a few clicks, freeing me up to spend more time on strategic projects. It's yet another way that Ramp's innovations have given me and my team more leverage."

More information on Ramp's integration can be found on Workday Marketplace, which provides easy access to solutions built by Workday and its partners.

About Ramp

Ramp is a financial operations platform that helps companies achieve more by spending less. With Ramp, companies make payments, issue cards, manage vendors and procurement workflows, book travel, and automate bookkeeping all on one platform. We do this through intuitive software with built-in controls and intelligence to automate tedious tasks and maximize the impact of every dollar and hour spent. We help businesses grow efficiently.

From family-owned farms to space startups, over 30,000 customers have saved $2 billion and 20 million hours with Ramp. Ramp was founded in 2019 and is one of the fastest-growing startups in U.S. history, enabling tens of billions of dollars in purchases each year. Learn more about how we can accelerate your business at www.ramp.com.

Media Contact
press@ramp.com

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SOURCE Ramp

FAQ

What are the key features of Ramp's integration with Workday (WDAY)?

The key features include real-time data syncing, advanced accounting automations with AI-powered coding suggestions, and enhanced security through direct integration without third-party connectors.

How many customers are currently using the Ramp-Workday (WDAY) integration?

According to the announcement, hundreds of mutual Ramp and Workday customers are already using this integration.

What efficiency improvements does the Ramp-Workday (WDAY) integration offer?

The integration automates manual data entry, speeds up month-end close processes, improves data accuracy, and provides advanced accounting automations like conditional filtering and bulk editing.

When was the Ramp-Workday (WDAY) integration announced?

The integration was announced on January 9, 2025.

How does the Ramp-Workday (WDAY) integration improve security?

The integration enhances security by removing dependencies on third-party connectors or intermediaries for payment data transfer, reducing potential errors and unsupported downtime.