Connecting card transactions to an expense app is already possible – if you’re prepared to wait a day (or three) and you choose a corporate card issuer with an integrated solution.
Not being able to instantly connect card transactions with receipts and submit them – slows down reimbursement. On top of that, 70% of employees use their personal bank cards to make transactions like flights, train tickets, and other business expenses.
In the past, it was slow and complicated to import data from card transactions into expense management software. Now, new functionality from Findity enables any Visa and Mastercard user – personal or business – to get their card transaction data instantly. Here’s how.
The benefit of receiving card data in real-time is that people with business expenses can simply connect the transaction with a photo of the receipt, send it for approval, and get on with life. It’s a quick, simple, reliable, and painless process.
Until recently, there were two barriers to getting real time access to card transaction data. Firstly, only integrated business or corporate cards could share transaction data with an expense app — and it took time, usually a day or three. Secondly, personal card users would have to wait (and wait) for the data before submitting a card-based expense claim.
The reason for this delay? The process for accessing card data was messy and manual. Grabbing transaction data from different card issuers was time-consuming and costly – often needing a list of cards to be sent across in a file. It wasn’t uncommon to wait 1 to 3 days for the transaction data to become available.
Open banking was another option for getting transaction data faster – but it would often take 4 hours or so – not real-time. The ideal solution would be the ability to connect any card – Mastercard or Visa – to a mobile expense app and receive transaction data in real time. So that’s what we’ve done.
Connecting a Visa or Mastercard to the app is super simple. Users enter their card details like they would any other online purchase. It’s verified by the bank, and they’re good to go. No personal data is shared.
It’s taken almost two years of strategic work with Visa and Mastercard to enable card users to grab transaction data in real time, pair it with a receipt, and send it for approval. The process really is that simple, by the way.
Users simply tap the relevant transaction – also delivered as a notification to their phone for business cards – and snap the receipt with the camera. The app automatically takes the receipt data and pairs it with card transactions – making it approval-ready.
Previously, only card issuers could send card transaction data to an integrated expense management platform. And it was rarely quick. On top of that, achieving integrations with the most popular consumer and corporate cards meant dealing with each bank separately.
Now, transaction data can be fetched directly through Visa and Mastercard. Partners working with Findity can easily add it to their offer, giving end-users the power to switch on real-time card transactions for expense management.
Expense management is something people have to do, not something they want to do. Here at Findity, our goal is to make managing expenses as painless as possible for everyone involved. We do that by eliminating manual processes wherever possible.