Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc, is now offering its fintech clients, with fintech Rho as the first to launch, the ability to connect their business customers to Mastercard Smart Data, a market-leading expense reporting and analytics suite. By integrating detailed transactional data directly from Mastercard, businesses can significantly reduce the time and complexity of managing corporate expenses.
Most businesses endure time-consuming, cumbersome manual processes that increase errors, fraud and delay reimbursements. In fact, companies spend nearly 3,000 hours correcting errors across roughly 51,000 expense reports annually. Mastercard Smart Data is a service that offers businesses enriched transaction data to better monitor costs and spending.
Rho, the platform businesses use to manage cash and spend, has already helped clients realize significant benefits with Mastercard Smart Data. “We decided to integrate Mastercard Smart Data via Galileo into our platform to unlock even more spend control and value for world-class organizations who trust Rho to manage how money moves in and out of their organizations,” said Everett Cook, co-founder & CEO at Rho.
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For Galileo fintech clients, leveraging Mastercard Smart Data allows their business customers to automatically ingest detailed purchase information into their existing enterprise resource planning (ERP) or expense management systems, accelerating the process. For example, when an employee uses a company card to pay for a hotel room, Mastercard provides up-to-date data about the type of room, room rates and incidental purchases directly from the hotel.
Typically offered through sponsor banks, Galileo is the first issuer-processor to offer Mastercard Smart Data.
Key benefits of Mastercard Smart Data for businesses include:
- Enriched transactional data for better spend visibility and allocation
- Simplified expense management processes
- Elimination of manual work and reporting guesswork
- Easily control spending and generate spend reports
- Seamless integration into organizational accounting software
When combined with Galileo Corporate Hierarchy, business accounting teams can easily allocate expense spending by individual, team, location, etc., via their ERP system, creating additional efficiencies. The Galileo Corporate Hierarchy feature provides a native method for organizing corporate payment card accounts into a multi-tiered system, enabling businesses to track expenses and see trends by department, group, or team. This hierarchical arrangement enhances visibility and control over spending and prepares businesses for additional functionalities like group spend controls in the future.
“Access to better spend data helps businesses gain a comprehensive view of their corporate expenses,” said David Feuer, chief product officer at Galileo. “As a trusted B2B technology partner, connecting our fintech clients’ customers to Mastercard Smart Data layers on our commitment to helping businesses efficiently operate through simplified, streamlined expense management tools.”
SOURCE: Businesswire