Fyle integrates with Mastercard for real-time expense reporting

With this capability, any Mastercard customer can access real-time transaction feeds from users’ cards that enrol and provide consent to help them improve operational efficiencies and get a sharper lens on their financial numbers.

Easier access to spending data

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.

Officials from Fyle said that they are democratising access to businesses’ own expense data and removes the dependence on the issuing bank. This integration with Mastercard will empower small businesses to harness the power of real-time visibility for any card that suits their business needs. They look forward to working with Mastercard to boost these businesses with productivity and bridge the digital divide for the ecosystem.

Fyle’s representatives added that 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 they will bridge the digital divide for the ecosystem and make it easier and faster to manage this everyday process.

What does Fyle do?

Fyle has the singular aim of reducing the time spent on business expense management. Nestled within everyday productivity tools like Gmail, Outlook, Slack, MS Teams, text messages, and email forwarding, Fyle provides employees with a unique and simple way of submitting expense receipts on the go. Fyle is also easy to use and significantly increases adoption rates for employees.

Fyle's AI-enabled engine instantly codes spend information, assigns it to the right projects and cost centres, and pushes the data to cloud-first ERP and accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero.