Fyle Inc, an expense management platform, has launched a real-time credit card feed integration for business cards issued on the Mastercard network. With this capability, any Mastercard customer can access real-time transaction feeds from users’ cards that enroll and provide consent to help them improve operational efficiencies and get a sharper lens on their financial numbers.
Despite digital advances, many smaller businesses are often still managing expenses manually. These businesses may have to wait up to 30 days before they can download card statements to reconcile spending, which delays accounting and reporting cycles.
The Fyle integration with Mastercard reduces a substantial burden on both accountants and finance teams, as well as the card users themselves. The real-time feeds eliminate the dependency on bank statements, offers greater insights for budgeting and planning, and allows teams to monitor for fraudulent transactions. Fyle also streamlines 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, completely automating reconciliation.
“Fyle is democratizing access to businesses’ own expense data and removes the dependence on the issuing bank,” said Yashwanth Madhusudhan, CEO and Co-Founder of Fyle. “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. And 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.”