Galileo Enhances B2B Expense Management Offering with Mastercard Smart Data
Galileo Financial Technologies, owned by SoFi Technologies, Inc. (NASDAQ: SOFI), is now offering its fintech clients access to Mastercard Smart Data, an expense reporting and analytics suite. This integration allows businesses to streamline expense management by automatically ingesting detailed purchase information into their existing systems. Rho, an early adopter, has already implemented this feature to enhance spend control for its clients.
Key benefits include enriched transactional data, simplified expense management, elimination of manual work, and seamless integration with accounting software. When combined with Galileo's Corporate Hierarchy feature, businesses can easily allocate expenses by individual, team, or location. This offering aims to reduce the time and complexity of managing corporate expenses, addressing common issues such as errors, fraud, and delayed reimbursements.
Galileo Financial Technologies, di proprietà di SoFi Technologies, Inc. (NASDAQ: SOFI), offre ora ai suoi clienti fintech l'accesso a Mastercard Smart Data, una suite per la reportistica delle spese e analisi. Questa integrazione consente alle aziende di semplificare la gestione delle spese, riportando automaticamente informazioni dettagliate sugli acquisti nei loro sistemi esistenti. Rho, un precursore, ha già implementato questa funzione per migliorare il controllo delle spese per i suoi clienti.
I principali vantaggi includono dati di transazione arricchiti, gestione semplificata delle spese, eliminazione del lavoro manuale e integrazione fluida con il software contabile. Quando combinato con la funzione Gerarchia Aziendale di Galileo, le aziende possono facilmente allocare le spese per individuo, team o posizione. Questa offerta mira a ridurre il tempo e la complessità nella gestione delle spese aziendali, affrontando problemi comuni come errori, frodi e ritardi nei rimborsi.
Galileo Financial Technologies, propiedad de SoFi Technologies, Inc. (NASDAQ: SOFI), ahora ofrece a sus clientes fintech acceso a Mastercard Smart Data, una suite de informes de gastos y análisis. Esta integración permite a las empresas optimizar la gestión de gastos al incorporar automáticamente información detallada de compras en sus sistemas existentes. Rho, un pionero, ya ha implementado esta característica para mejorar el control del gasto de sus clientes.
Los principales beneficios incluyen dati de transacción enriquecidos, gestión simplificada de gastos, eliminación del trabajo manual e integración sin interrupciones con software contable. Cuando se combina con la función de Jerarquía Corporativa de Galileo, las empresas pueden asignar fácilmente los gastos por individuo, equipo o ubicación. Esta oferta tiene como objetivo reducir el tiempo y la complejidad de gestionar los gastos corporativos, abordando problemas comunes como errores, fraudes y retrasos en los reembolsos.
Galileo Financial Technologies는 SoFi Technologies, Inc. (NASDAQ: SOFI) 소속이며, 이제 핀테크 고객에게 Mastercard Smart Data에 대한 접근을 제공합니다. 이는 지출 보고 및 분석 제품군으로, 기업들이 기존 시스템에 상세 구매 정보를 자동으로 통합하여 지출 관리를 간소화할 수 있게 합니다. 조기 도입자인 Rho는 이미 이 기능을 구현하여 고객의 지출 통제를 강화하였습니다.
주요 이점에는 강화된 거래 데이터, 간소화된 지출 관리, 수작업 작업의 제거, 회계 소프트웨어와의 원활한 통합이 포함됩니다. Galileo의 기업 계층 기능과 결합되면, 기업들은 개인, 팀 또는 위치별로 쉽게 지출을 배분할 수 있습니다. 이 제공은 기업 지출 관리의 시간과 복잡성을 줄이고, 오류, 사기 및 지연된 환급과 같은 일반적인 문제를 해결하는 것을 목표로 합니다.
Galileo Financial Technologies, détenu par SoFi Technologies, Inc. (NASDAQ: SOFI), propose désormais à ses clients fintech l'accès à Mastercard Smart Data, une suite de rapports de dépenses et d'analyses. Cette intégration permet aux entreprises de simplifier la gestion des dépenses en intégrant automatiquement des informations d'achat détaillées dans leurs systèmes existants. Rho, un précurseur, a déjà mis en œuvre cette fonctionnalité pour améliorer le contrôle des dépenses pour ses clients.
Les principaux avantages incluent données transactionnelles enrichies, gestion simplifiée des dépenses, élimination du travail manuel et intégration fluide avec les logiciels de comptabilité. Lorsqu'elle est associée à la fonction de hiérarchie d'entreprise de Galileo, les entreprises peuvent facilement attribuer les dépenses par individu, équipe ou emplacement. Cette offre vise à réduire le temps et la complexité de la gestion des dépenses d'entreprise, en s'attaquant à des problèmes courants tels que les erreurs, la fraude et les remboursements retardés.
Galileo Financial Technologies, das im Besitz von SoFi Technologies, Inc. (NASDAQ: SOFI) ist, bietet seinen Fintech-Kunden nun Zugang zu Mastercard Smart Data, einem Suite für Spesenberichte und Analysen. Diese Integration ermöglicht es Unternehmen, das Spesenmanagement zu optimieren, indem detaillierte Einkaufsinformationen automatisch in ihre bestehenden Systeme aufgenommen werden. Rho, ein früher Anwender, hat diese Funktion bereits implementiert, um die Ausgabenüberwachung für seine Kunden zu verbessern.
Die wichtigsten Vorteile sind angereicherte Transaktionsdaten, vereinfachtes Spesenmanagement, Eliminierung manueller Arbeiten und nahtlose Integration mit Buchhaltungssoftware. In Kombination mit der Unternehmenshierarchie-Funktion von Galileo können Unternehmen Ausgaben einfach nach Einzelpersonen, Teams oder Standorten zuordnen. Dieses Angebot zielt darauf ab, die Zeit und Komplexität bei der Verwaltung von Unternehmensspesen zu reduzieren und häufige Probleme wie Fehler, Betrug und verspätete Rückerstattungen anzugehen.
- Integration of Mastercard Smart Data to enhance expense management for business customers
- Potential for significant time savings in expense report processing
- Improved spend visibility and control for businesses
- Seamless integration with existing ERP and expense management systems
- First issuer-processor to offer Mastercard Smart Data, potentially giving Galileo a competitive advantage
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Insights
Galileo's integration of Mastercard Smart Data into its B2B expense management offering is a strategic move that could potentially boost its competitive edge in the fintech space. This enhancement addresses a significant pain point for businesses, as manual expense management is notoriously time-consuming and error-prone. By automating and enriching transaction data, Galileo is offering a value-added service that could increase customer retention and attract new clients.
The partnership with Mastercard and the early adoption by Rho demonstrate Galileo's ability to forge important industry relationships and quickly bring innovations to market. However, the real test will be in the widespread adoption and tangible benefits realized by end-users. While the potential for time and cost savings is clear, the actual impact on Galileo's revenue and market share remains to be seen.
Investors should monitor key metrics such as client acquisition rates, user engagement with the new feature and any changes in Galileo's revenue per user. The success of this offering could positively influence SoFi Technologies' (NASDAQ: SOFI) stock performance, as Galileo is a key component of SoFi's technology segment.
The integration of Mastercard Smart Data into Galileo's platform represents a significant leap in business process optimization. Traditional expense management systems often suffer from data silos and manual input errors, leading to inefficiencies and potential compliance issues. By automating the ingestion of detailed transactional data directly into ERP systems, companies can achieve substantial time savings and improve accuracy.
The reported
However, the success of this implementation will depend on the seamlessness of the integration and the ability of businesses to adapt their existing processes. Companies considering this solution should carefully evaluate their current systems and potential ROI before making the switch.
Galileo's move to offer Mastercard Smart Data through its platform aligns with several key market trends in the fintech and corporate finance sectors. First, there's a growing demand for integrated financial solutions that can seamlessly connect with existing enterprise systems. This offering taps into that need, potentially expanding Galileo's market reach.
Secondly, the focus on data enrichment and automation in financial processes is becoming increasingly critical for businesses looking to gain a competitive edge. By providing more granular transaction data, Galileo is enabling its clients to make more informed financial decisions and improve their overall financial management.
Lastly, the emphasis on spend control and visibility is particularly timely given the current economic climate where many businesses are looking to optimize their expenses. This offering could position Galileo favorably in a market that's increasingly focused on cost management and financial efficiency.
While the immediate impact on Galileo's market position may be , this move sets a foundation for future growth and could lead to increased market share in the long term, especially if they continue to innovate and expand their B2B offerings.
Early-adopter fintech Rho helps customers enhance spend visibility through detailed transactional data
Most businesses endure time-consuming, cumbersome manual processes that increase errors, fraud and delay reimbursements. In fact, companies spend nearly 3,000 hours correcting errors across roughly 51,000 expense reports annually. Mastercard Smart Data is a service that offers businesses enriched transaction data to better monitor costs and spending.
Rho, the platform businesses use to manage cash and spend, has already helped clients realize significant benefits with Mastercard Smart Data. "We decided to integrate Mastercard Smart Data via Galileo into our platform to unlock even more spend control and value for world-class organizations who trust Rho to manage how money moves in and out of their organizations,” said Everett Cook, co-founder & CEO at Rho.
For Galileo fintech clients, leveraging Mastercard Smart Data allows their business customers to automatically ingest detailed purchase information into their existing enterprise resource planning (ERP) or expense management systems, accelerating the process. For example, when an employee uses a company card to pay for a hotel room, Mastercard provides up-to-date data about the type of room, room rates and incidental purchases directly from the hotel.
Typically offered through sponsor banks, Galileo is the first issuer-processor to offer Mastercard Smart Data.
Key benefits of Mastercard Smart Data for businesses include:
- Enriched transactional data for better spend visibility and allocation
- Simplified expense management processes
- Elimination of manual work and reporting guesswork
- Easily control spending and generate spend reports
- Seamless integration into organizational accounting software
When combined with Galileo Corporate Hierarchy, business accounting teams can easily allocate expense spending by individual, team, location, etc., via their ERP system, creating additional efficiencies. The Galileo Corporate Hierarchy feature provides a native method for organizing corporate payment card accounts into a multi-tiered system, enabling businesses to track expenses and see trends by department, group, or team. This hierarchical arrangement enhances visibility and control over spending and prepares businesses for additional functionalities like group spend controls in the future.
"Access to better spend data helps businesses gain a comprehensive view of their corporate expenses," said David Feuer, chief product officer at Galileo. "As a trusted B2B technology partner, connecting our fintech clients' customers to Mastercard Smart Data layers on our commitment to helping businesses efficiently operate through simplified, streamlined expense management tools."
To learn more about Galileo’s Mastercard Smart Data offering, visit https://docs.galileo-ft.com/pro/docs/business-banking-enhancements.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
About Rho
Rho is the business banking platform with everything you need to manage your company cash and scale your business. Apply in minutes and enjoy 24/7 customer support plus enterprise-grade spend management – all with zero monthly, wire, or ACH fees.
©2024 Galileo Financial Technologies, LLC. All rights reserved.
Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in
Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.
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MEDIA:
Katie Boyless
The Fletcher Group
404.791.8245
katie@fletchergroupllc.com
Source: Galileo Financial Technologies, LLC
FAQ
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