Fyle has become the world’s first expense management software to offer real-time credit card integration for all small business and corporate credit cards issued by any bank on the Mastercard network. With this, all existing Mastercard holders, accountants, and finance teams get real-time visibility and instant spend notifications for credit card expenses. 

After launching real-time card feeds for all Visa credit cards a year ago, we expect to process more than $500 million in credit card spend for businesses worldwide in 2023. 

Accountants will get to see details of all the transactions flow into the Fyle dashboard, giving them real-time visibility into spend. Fyle is equally seamless for employees, who simply have to reply to real-time SMS text notifications with an image of their receipts, and we match them with the transactions immediately, completely automating reconciliation.  

‍

Why Does This Matter?

Almost $1.4 trillion is spent on commercial credit cards every year, with nearly half the businesses still processing these expenses manually. Reconciliation often takes up to 30 days, and businesses have to depend on credit card statements from their banks. 

For millions of small businesses that use credit cards as an operational cash flow tool, managing and accounting for business credit card spend becomes even more challenging due to delayed transaction data. Very few banks offer transaction APIs, most of which 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 matching each expense with a receipt. This limited visibility and manual process results in additional costs, delays, and payment cycle disruptions.

‍

Fyle’s Real-Time Expense Management for Mastercard Credit Cards

With the direct Mastercard integration, any small business in the US with Mastercard credit cards issued by any bank can harness the power of real-time spend visibility, instant notifications, and automated reconciliation by signing up for Fyle.

This launch extends our coverage of real-time data integration to 75% of the business credit card market in the US. We are democratizing access to businesses’ own expense data and removing the dependence on the issuing bank because we believe that customers should have the freedom to select any credit card that best suits their business needs. 

Read our Forbes coverage on how we’re changing the expense management landscape for small businesses in the US. 

‍

What Does This Mean for Accountants?

Real-time spend visibility

Real-time data feeds and instant notifications mean that accountants and cardholders don’t have to wait till the end of the month or rely on broken bank feeds to see card transaction data. 

‍You don’t have to chase after employees for receipts 

Fyle collects receipts via text messages and Slack, ensuring employees submit receipts on time. Employees can also send receipts from other everyday apps, like our Gmail and Outlook plugins, android and iOS mobile app, and email forwarding. We have seen a 48% reduction in the time taken to add receipts to expenses.

No more manual expense coding or accounting 

Fyle's AI-enabled engine instantly codes spend information, reconciles card transactions, and pushes the data to cloud-first ERP and accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero. Instead of manually switching between multiple data sources, we give companies a single source of truth for their spend.  

‍

No-Code Expense Management for Banks

Fyle offers a no-code expense management platform to banks that they can directly offer their customers without depending on internal IT teams or compromising on interchange revenue.  Fyle directly integrates with bank-issued credit cards that are on the Visa or Mastercard network, enabling customers to access real-time spend visibility and a superior software experience. 

Banks can maximize their share of wallet from each customer, taking their technology stack differentiation to the next level. Fyle has seen transaction volumes increase by over 2.5x on bank-issued credit cards that have real-time feeds access.