VIsa, AMEX, Mastercard Image by Republica from PixabayFyle has announced a new integration with Amex for its expense management platform. The integration is initially available only in the United States for US-based Business and Corporate Card Members. The partnership includes the ability for Amex to issue on-demand virtual cards via the Fyle platform. To achieve this level of integration, Fyle has joined the  American Express Sync Commercial Partner Program.

The announcement means that Fyle now has integrations with Visa, Mastercard and American Express. Users can also connect any other small business credit card with Fyle using its universal statement parser. Users can upload statements to Fyle, and it will automatically match receipts. Fyle announced its Mastercard integration in 2023 and announced real-time spend management with Visa in 2022.

Yash Madhusudan, Co-Founder and CEO of Fyle
Yashwanth Madhusudan, Co-Founder and CEO of Fyle

Yashwanth Madhusudhan, Co-Founder & CEO of Fyle, commented, “We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual Card, alongside the ability to automate receipt tracking, credit card reconciliation, and expense accounting with Fyle. The integration helps us provide an elevated user experience and more value to our customers.” 

American Express virtual cards are available through Fyle

For Visa, Amex, and Mastercard, Fyle enables direct transaction feeds for Amex via a bank feed, according to its website. Though not specifically called out, it is unclear whether this new partnership will enable customers to receive real-time data for their physical cards.

The Amex partnership also differs in that users can not only link existing physical cards to Fyle they can also issue an unlimited number of virtual cards to employees.

Fyle notes several advantages of these virtual cards:

  • Establish specific controls for each on-demand virtual card, including spending limits and expiration dates.
  • Pay suppliers using virtual Cards and take advantage of their American Express billing cycle to manage cash flow for their business until their Card payment is due.
  • Receive real-time transaction data and notifications via text messages to maximize visibility.
  • Automate receipt collection and make reconciliation faster with Fyle’s expense management platform.
  • Pay with enhanced security by enabling employees, freelancers, and subcontractors to make payments on their behalf without sharing their physical Card details.

Enterprise Times: What does this mean

Fyle believe that it is the first vendor to offer real-time visibility of expense data on any business card, anywhere in the US, across the three largest card issuers. As firms look to increase automation of their payments, credit cards are often the simplest form of rapid payment. This is especially true for small businesses or expenses.

Fyle estimates that 43% of these expenses are processed manually. With integrations to several accounting and payroll solutions,  Fyle believes it can help organisations increase efficiency with its expense management platform. Not only through its partnerships does it offer payments process automation, it also delivers near real time visibility of those payments. That visibility can help business leaders better understand their cash flow.

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