NEWARK, Del., March 17, 2023 /PRNewswire/ — Fyle becomes the first in the industry to offer US banks a no-code expense management platform they can directly provide customers.
The 8 largest banks in the U.S. accounted for over $700 billion in transaction volume on commercial cards in 2021. Yet, despite forming a large share of a bank’s customer base, most small and medium-sized businesses cannot access their spend data in real-time. Instead, accountants have to log in to their bank portals, download card statements monthly, and manually reconcile transactions. Banks address the financial needs of small businesses, but today’s customers expect more. To help banks cater to this underserved market, Fyle has launched a no-code, real-time expense management platform that banks can bundle with their small business or corporate credit cards without depending on their tech teams.
Banks can now create an inclusive experience for millions of SMBs, giving them real-time data visibility, SMS-based receipt collection, and automated expense management that works seamlessly with their existing credit cards. As Fyle directly integrates with major accounting software like NetSuite, QuickBooks Online, Xero, and Sage Intacct, customers can easily move and access data across platforms.
Fyle has become the first expense management software to enable banks to provide a better software experience for their cardholders and maximize their share of wallet from each customer, taking their technology stack differentiation to the next level. Fyle has seen transaction volumes increase by over 2.5x on bank-issued credit cards with real-time feeds access.
The market saw the rise of many Fintechs that took a card-first approach to challenge banks, thanks to 10 years of low federal interest rates. But these platforms cater to heavily-funded businesses, offer charge cards, and force customers to switch cards to access real-time visibility. Instead, Fyle partnered directly with Visa and Mastercard, allowing credit card issuers to offer powerful, AI-enabled expense management software on existing cards without depending on their IT teams.
With their significant lending power, better risk assessment capabilities, and superior customer data and relationships, banks are perfectly positioned to support the $500 billion SMB credit card market. Since Fyle doesn’t issue cards, they don’t take a share of the banks’ interchange revenue and, instead, charge banks on a predictable SaaS model. Fyle offers this to banks as a managed service, owning customer support and implementation and eliminating any burden on the banks.
“With this launch, Fyle combines the benefits of bank-issued cards and new-age software to manage spend and automate employee expense accounting, so millions of small businesses can continue using their existing credit cards,” said Yashwanth Madhusudhan, CEO and Co-Founder of Fyle. The 95 largest banks across the US have generated a transaction volume of more than $1 trillion on commercial credit cards. By offering banks a no-code platform that they can directly bundle with their credit card, they can see improved customer experience, and higher spend volumes, without any dependence on their tech teams. The biggest benefit is for small businesses, who can access their spend information in real-time and solve the age-old problem of manual expense management.”
Media contact: sayonee.s@fylehq.com.
About Fyle
Fyle has the singular aim of reducing the time spent on expense management. Employees can submit receipts from everyday apps like Gmail, Outlook, Slack, and text. Fyle’s AI-enabled engine instantly codes spend information, assigns it to the right projects & cost centers, and pushes the data to cloud-first accounting software like NetSuite, Sage Intacct, QuickBooks Online, or Xero.
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SOURCE Fyle Inc.
