Fyle and American Express Team Up to Streamline Business Spend

Fintech Leader Fyle Announces Integration with Amex to Optimize Expense Management

Fintech startup Fyle has announced a new collaboration with American Express to help companies better track employee expenses and manage business spend. Through the integration with Amex’s Sync Commercial Partner Program, Fyle customers can now issue virtual cards linked to their existing AmEx business and corporate cards.

This integration provides enhanced visibility and control over employee spending for Fyle’s over 2,000 customers. By issuing on-demand virtual cards through the Fyle platform, finance teams can set customized spending limits and track real-time transaction data. For AmEx cardholders, it streamlines reconciliation by enabling automated receipt collection and coding.

Virtual Cards Streamline Processes and Cash Flow

With the ability to generate unlimited virtual cards tied to physical AmEx cards, businesses gain more flexibility in managing vendor payments. Specific expiration dates and spending caps can be tailored for each card, providing oversight on a granular level.

This also allows companies to take advantage of the AmEx billing cycle, extending the time until payment is due. The delayed outflow and real-time transaction feeds give finance executives better command over cash flow.

Collaboration Aims to Capture More Spend Data

This integration furthers Fyle’s goal of capturing a larger share of B2B payments by moving to commercial cards. By incorporating AmEx data, Fyle expects to process over $500 million in credit card volume globally next year.

“We are teaming up with American Express to give our customers more control and enhanced security alongside automated accounting functions,” said Fyle CEO Yashwanth Madhusudhan.

On the AmEx side, it expands virtual card issuance capabilities for over 8.7 million small businesses that accept their cards as more companies adopt remote work policies. Virtual cards secure vendor payments without distributing physical card details.

Will Partnership Spur Further Adoption?

With this collaboration in place, Fyle seems well-positioned to disrupt legacy expense systems still reliant on manual data entry. Today, an estimated 43% of businesses continue to process credit card statement reconciliations by hand, resulting in delays of up to 30 days.

By integrating directly with card networks like Amex, Visa, and Mastercard, Fyle can ingest up-to-the-minute card spend for immediate reconciliation. This promises efficiency gains for finance departments along with precious visibility into real-time budgets and cash flow.

As innovative fintechs like Fyle target more comprehensive spend coverage, they may prompt more small and mid-sized businesses to accelerate cloud-based automation upgrades. While only time will tell if this signals a definitive shift away from legacy systems, the partnership certainly expands the value proposition for current users.

Expense Management Evolves

With this Amex collaboration building on existing relationships with Visa and Mastercard, Fyle has taken another step toward its goal of providing one holistic platform for spend management.

And for American Express, it’s an opportunity to get their virtual card offering in front of more customers. As remote work and digital payments continue gaining ground, we can expect more creative partnerships bridging expense automation, vendor payments, and financial services.

Author

  • Brent W. Peterson

    Who is Brent Peterson? Brent is a serial entrepreneur and marketing professional with a passion for running. He co-founded Wagento and has a new adventure called ContentBasis. Brent is the host of the podcast Talk Commerce. He has run 25 marathons and one Ironman race. Brent has been married for 29 years. He was born in Montana, and attended the University of Minnesota and Birmingham University without ever getting his degree.

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