Following this announcement, Galileo Financial Technologies will provide its clients with the ability to connect their business partners to Mastercard Smart Data, an expense reporting and analytics suite. This initiative will be launched firstly for customers that have fintech Rho. By integrating detailed transactional data directly and securely from Mastercard, businesses and companies will be enabled to significantly reduce the time and complexity of managing corporate expenses.
In addition, both financial institutions are set to continue to focus on meeting the needs, preferences, and expectations of users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Rho represents a platform that was developed for businesses in order to optimise the manner in which they manage cash and spending procedures. The solution has already optimised how clients realise significant benefits with Mastercard Smart Data. The integration is set to unlock even more spending control and value for world-class organisations that trust Rho in order to manage how money moves in and out of their enterprises.
Customers and clients will be enabled to leverage Mastercard Smart Data in order to allow their business users to automatically ingest detailed purchase information into their already existing enterprise resource planning (ETP), as well as expense management systems, which is set to accelerate the process. For example, when an employee uses a company card to pay for a hotel room, Mastercard will provide up-to-date data about the type of room, incidental purchases, and room rates directly from the hotel.
Other benefits include the enrichment of transactional data for better spend visibility and allocation, the elimination of manual work and reporting guesswork, simplified expense management processes, seamless integration into organisational accounting software, as well as control spending and generate spend reports.
When combined with Galileo Corporate Hierarchy, business accounting teams and companies will have the possibility to easily allocate expense spending by individual, team, and location via their ERP system, which creates additional efficiencies. The feature will also provide a native method for organising corporate payment card accounts into a multi-tiered system, which will enable businesses to track expenses and see trends by department, team, and group. In addition, this hierarchical arrangement enhances visibility and control over spending, while also preparing businesses for additional functionalities like group spending controls in the future.
As a trusted business-to-business (B2B) technology partner, connecting fintech customers to Mastercard Smart Data layers on the commitment to helping businesses efficiently and securely operate through simplified, streamlined, and comprehensive expense management tools and products.
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