In essence, the collaboration is aimed at offering US Business and Corporate Card Members enhanced functionalities. Through this integration, Fyle users gain access to on-demand virtual cards with embedded controls and heightened security features.
In the official press release, representatives from Fyle talked about the benefits of this partnership, highlighting the advantages of using American Express virtual Cards alongside Fyle's automation capabilities for receipt tracking, credit card reconciliation, and expense accounting. The integration intends to improve user experience and provide additional value to customers.
With this integration, American Express Business or Corporate Cardholders can issue unlimited virtual cards linked to their existing physical cards via the Fyle platform. Some of the main benefits of using virtual cards include establishing specific controls such as spending limits and expiration dates, leveraging American Express billing cycles to manage cash flow effectively, receiving real-time transaction data and notifications for enhanced visibility, and ensuring enhanced security by enabling payments without sharing physical card details.
Fyle focuses on streamlining expense management processes, allowing employees to submit receipts from various everyday applications. The platform's AI-enabled engine swiftly codes and categorises data, assigns it to relevant projects and cost centres, and seamlessly integrates with accounting software such as NetSuite, Sage Intacct, QuickBooks Online, or Xero. Additionally, Fyle directly integrates with existing business credit cards, providing users with real-time transaction data and automated reconciliation functionalities.
In March 2023, Fyle launched a real-time credit card feed integration for business cards issued on the Mastercard network. With this capability, Mastercard customers could access real-time transaction feeds from users’ cards that enrolled and provided consent to help them improve operational efficiencies and get a better view of their financial numbers.
The Fyle integration with Mastercard reduced a substantial burden on both accountants and finance teams, as well as the card users themselves. The real-time feeds eliminated the dependency on bank statements, offered greater insights for budgeting and planning, and allowed teams to monitor for fraudulent transactions. Fyle also streamlined processes for employees, who could reply to real-time SMS text notifications with an image of their receipts for Fyle to match with the transactions, completely automating reconciliation.
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