Galileo Financial Technologies, a leader in financial technology and a subsidiary of SoFi Technologies, Inc. has introduced an upgrade to its B2B expense management solutions. The company is now offering its fintech clients, including early adopter Rho, access to Mastercard Smart Data, a comprehensive for expense reporting and analytics. This integration promises to streamline corporate expense management and enhance spend visibility.
Revolutionizing Expense Management
Businesses often struggle with time-consuming and error-prone manual processes in expense reporting. According to industry estimates, companies spend nearly 3,000 hours annually correcting errors in approximately 51,000 expense reports. Mastercard Smart Data aims to address these challenges by providing enriched transactional data that simplifies expense management and reduces errors and fraud.
“Integrating Mastercard Smart Data via Galileo into our platform has allowed us to offer even more control and value to our clients,” said Everett Cook, co-founder and CEO of Rho. Rho, a platform designed for cash and spend management, has already seen substantial benefits from this integration.
Key Benefits of Mastercard Smart Data
The integration offers several advantages for businesses:
- Enhanced Transactional Data: Provides a detailed view of transactions, improving visibility and allocation of spending.
- Simplified Processes: Reduces manual work and guesswork in reporting.
- Automatic Data Ingestion: Seamlessly integrates into ERP or expense management systems.
- Improved Spend Control: Enables businesses to manage report expenses.
By combining Mastercard Smart Data with Galileo’s Corporate Hierarchy feature, businesses can track expenses by individual, team, or location, further improving financial oversight and control.
Future Outlook
David Feuer, Chief Product Officer at Galileo, emphasized the impact of this enhancement: “Access to better spend data provides businesses with a comprehensive view of their expenses, helping them operate more efficiently through streamlined tools.”