Fyle Launches Real-Time Expense Management on Visa Credit Cards

NEWARK, Del., April 19, 2022 /PRNewswire/ — Fyle Inc has announced the launch of a real-time expense management solution for customers using corporate and small business cards in the United States, starting with Visa. Fyle will be one of the first expense management platforms to offer direct, real-time transaction feeds to users of any Credit card powered by Visa, with secure cardholder direct enrollment.

Small businesses are the backbone of the American economy, with more than 6 million small businesses in the United States. They use corporate credit cards like essential tool for their cash management functionbut the experience of managing and accounting for card spending remains manual due to outdated technology from issuing banks.

To deal with this, new expense management startups are issuing their own corporate cards, bypassing banks. Benefits include real-time visibility, end-user notifications, and cash control. However, these fintechs require minimum cash balances, ranging from 25000 to $250,000. These cards are primarily charge cards that do not support any balance rollover, reducing the credit period to a day or a month.

Focusing on tech-savvy, funded startups is a great acquisition strategy, but it caters to a small market. Card-driven fintech accounts for less than 10% of the total $1.5 trillion in the United States, while more than 90% of these expenses are made on cards issued by the major banks.

This is where Fyle differs. Instead of requiring customers to switch to another business card, Fyle integrates with their existing business credit cards to give them a real-time expense management experience. Instant data from card flows and receipts is combined and prepared for accounting, significantly reducing the manual work of spenders, finance teams and accounting firms.

“Aprio is excited about the launch and our partnership with Fyle. Together, we will remove the inadequacies and manual labor of expense management for businesses, enabling access to improved expense data and closing their books quickly. mentioned Bruce Phillipspartner and managing director of Aprio’s outsourcing practice, which is classified 35th on today’s top 100 accounting firms.

The implications are significant. While SMBs benefit from sophisticated AI-enabled expense management software and the freedom to choose their own business credit card, Fyle can offer its product to any business credit card without depending on the bank technology stack. This offers unique collaboration opportunities to jointly market the solution to the banks’ professional customers.

Fyle is initially launching this solution for the Visa network and will support other networks in the coming quarters.

“Fyle’s integration with Visa is very exciting as it provides their users with the ability to use their own business cards to support corporate spend management initiatives. The ‘bring your own card’ approach of Fyle has the potential to provide real-time information, visibility and control to the millions of small businesses that use business and corporate cards as cash management tools,” said Kevin PermenterDirector of Research for Financial Applications at IDC.

The real-time feed reduces manual efforts for employees and accountants. Employees can submit receipts from everyday apps like text, Gmail, Outlook, MS Teams and Slack, and on the go via Fyle’s iOS and Android mobile apps. Fyle’s AI-enabled engine instantly codes expense information, assigns it to the right projects and cost centers, and sends the data to cloud-based ERP and accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero.

“With this launch, we can offer all customers who have Visa business credit cards access to powerful AI-based software to track and manage their card spending. It also gives us the ability to collaborate with card issuers who are losing business to new-age corporate card products,” said Yashwanth Madhusudhan, CEO and Founder of Fyle. “For the first time ever, customers won’t have to switch credit cards to get the best expense management experience.”

Learn more about Fyle’s real-time expense management at https://www.fylehq.com/visa-business-credit-cards. Fyle also runs an exclusive partnership program for accounting firms. To learn more about the program, visit https://www.fylehq.com/partners/accounting-firms.

CONTACT: Sayonee S, [email protected]