Anyone can issue a digital receipt – but what happens afterwards is all covered by the Myver patent.
Myver was fostered to provide a revolutionary and fully automated corporate expense management system. The new concept is more than just the next generation frictionless expense handling, and has recently secured US patent protection (No. 10,515,420). The patent gives Myver the sole right to handle and process digital receipts (also emails & photos of) and associated data, both on a corporate and private level.
When Mr. Ejlersen, a furniture industry executive and global traveller, got frustrated with manually inputting paper receipts and expenses after business trips, he came up with the Myver solution. Working with his tech entrepreneur sons, Frederik and Kristoffer, who already have a track record of innovative tech solutions, the team invented a new business system that is set to disrupt expense management, card providers, fintech and banking.
With Myver fully integrated, as soon as a person (corporate or private) uses their card or payment solution the expense will be automatically processed, categorised and flagged to management for approval if required. Business people will no longer have to scan paper receipts or take photos, finance teams will no longer have to process expenses and the new system will help to reduce unauthorised spending and fraud saving banks and companies millions.
Commenting on the development, Mr. Ejlersen, Co-inventor and founder, said: “We are delighted to have secured the US patent for Myver, which is set to change the way we all process receipts and expenses forever. At a time when tackling climate change is crucial and avoiding unnecessary contact is important for health reasons, this new paper free eco-friendly system will be beneficial for the environment and public health now and for future generations.
The Myver business system covers all processes from the handling and utilization of digital sales receipts to Enterprise Resource Planning (ERP). This includes direct feed to ERP systems, bookkeeping, budgeting, reconcile accounts, receipt storing, direct marketing, storing warranty information and warranty reminders, fraud and false claims prevention, as well as direct customer financing.
The annual cost of handling fraud and false claims in US businesses is over $1bn and we believe it is time for change. Saving people, businesses and banks time and money, and reducing fraud risk, this new system will make the world more efficient and productive.”
Having developed the process and method, the Co-inventors and founders brought on board senior executive Jesper Ronald Petersen who was previously Global Head of Financial Institutions and Senior Vice President at Danske Bank and has over 30 years’ experience of working in banking and fintech.
Having secured the US patent, the Danish and London based team, are now working on taking the system to a global level. The Myver team is in dialogue with potential US, European, and Chinese joint venture and licensing partners.
Partners will benefit from the potential for corporate and retail upselling as an additional revenue stream, direct marketing opportunities, big data insights, fraud and false claim prevention and unique warranty reminder benefits. The environmental and covid-secure features of Myver could also help to boost the Environmental, Social and Governance (ESG) credentials of partner institutions and companies.
All companies handling or processing digital receipts including global associated data trafficking through US servers, needs a license or business deal with Myver to continue their operations.
Myver invites relevant parties to obtain a license to capture the vast business opportunities and join shaping the future of digital receipts and what comes after.