Expense management platform Fyle has announced the launch of a real-time credit card feed integration for business cards issued on the Mastercard network.
This allows Mastercard customers to access real-time transaction feeds from users’ cards that enrol and provide consent to help them improve operational efficiencies, gaining a sharper focus on their financial numbers.
“Fyle is democratising 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.”
Fyle reveals that many smaller businesses are often still managing expenses manually. They 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 helps reduce 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 is also aiming 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, completely automating reconciliation.
