Expense management software company Fyle has partnered with Mastercard, to become the first company of its kind to offer real-time visibility on any business card, anywhere in the US.
Thanks to the partnership with the card provider, Fyle is launching real-time credit card feed integration for business cards issued on the Mastercard network. This capability enables any Mastercard customer to access real-time transaction feeds from users’ cards that enrol and provide consent to help them improve operational efficiencies and get a sharper lens on their financial numbers.
Despite significant digital advances, many smaller businesses are continuing to manage their expenses manually. These businesses may have to wait up to 30 days before they can download card statements to reconcile spending, delaying accounting and reporting cycles.
Fyle’s integration with Mastercard reduces the burden on accountants and finance teams, as well as the card users themselves. The real-time feeds eliminate any dependencies on bank statements and provides enhanced insights for budgeting and planning.
The feed also enables teams to monitor for fraudulent transactions. Fyle is looking to streamline processes for employees, who can reply to real-time SMS text notifications with an image of their receipts for Fyle to match with the transactions, to automate reconciliation.
Removing ‘the dependence on the issuing bank’
Yashwanth Madhusudhan, CEO and co-founder of Fyle, explained what the company is aiming to achieve. Madhusudhan said: “Fyle is democratising access to businesses’ own expense data and removes the dependence on the issuing bank. This integration with Mastercard will empower small businesses to harness the power of real-time visibility for any card that suits their business needs. We look forward to working with Mastercard to boost these businesses with productivity and bridge the digital divide for the ecosystem.”
“The stark reality is that small businesses can find it challenging to manage and account for business credit card spend due to broken bank feeds. Very few banks offer transaction APIs and most of these are inaccessible to the typical small business customer.
“In 2023, their accountants are still logging in to their bank portal to scrape or export statements at the end of the month, and manually match each expense with a receipt. Through this Mastercard partnership, we will bridge the digital divide for the ecosystem and make it easier and faster to manage this everyday process.”
