Fyle and Mastercard are joining forces on a real-time credit card feed integration for business cards issued on the Mastercard network.
With this capability, any Mastercard consumer or small business customer who signs up for Fyle can access real-time transaction feeds from cardholders that enroll and provide their consent, in order to help the customer 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’s card linked services product reduces a substantial burden on both accountants and finance teams, as well as the cardholders themselves. The real-time feeds offer greater insights for budgeting and planning. Fyle also streamlines processes for enrolled and consented employee cardholders, who can reply to real-time SMS text notifications with an image of their receipts for Fyle to match with the relevant transactions, completely automating reconciliation.
Fyle co-founder and CEO Yashwanth Madhusudhan says the expense management platform is democratizing access to businesses’ expense data. “This integration with Mastercard will empower small businesses to harness the power of real-time visibility for any card that suits their small business needs. We look forward to working with Mastercard to boost these businesses with productivity and bridge the digital divide for the ecosystem.”