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Fyle, Mastercard launch real-time expense reporting

Tuesday, March 28, 2023 — 07:46:26 (EDT)

New York, NY, March 28, 2023: Fyle Inc, an expense management platform, is today announcing the launch of a real-time credit card feed integration for business cards issued on the Mastercard network. With this capability, any Mastercard customer who signs up for Fyle can access real-time transaction feeds from users’ cards that enroll and provide consent to help them improve operational efficiencies and get a sharper lens on their financial numbers.

Despite digital advances, many smaller businesses are often still managing expenses manually. These businesses 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 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, offer greater insights for budgeting and planning, and allow 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.

“Fyle is democratizing 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.”

For further information, please contact:

Fyle press office via Sayonee S on sayonee.s@fylehq.com or Bilal Mahmood via b.mahmood@stockwoodstrategy.com and +44 771 400 7257.

About Fyle

Fyle aims to reduce the time spent on business expense management. Nestled within everyday apps like Gmail, Outlook, Slack, Teams, text messages, and email, Fyle provides employees with a 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 & cost centers, and pushes the data to cloud-first ERP and accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.