Fyle partnered with Visa last year, in a similar deal, to bring real-time expense reporting to businesses using Visa cards
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 gain a deeper understanding of spending.
Fyle said in a statement, that 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 Delaware, US-headquartered company claims the integration with Mastercard will reduce 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.
Yashwanth Madhusudhan, chief executive officer and co-founder of Fyle, said: “This integration with Mastercard will empower small businesses to harness the power of real-time visibility for any card that suits their business needs.
“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.
“Through this Mastercard partnership we will bridge the digital divide for the ecosystem and make it easier and faster to manage this everyday process.”