US-based expense management platform Fyle has integrated with American Express, meaning that the app can provide visibility to $1.4 trillion that is spent on commercial credit cards every year in the US.
The new integration gives Fyle users who are already members of American Express’ US corporate and business cards the ability to issue on-demand virtual cards via the Fyle platform.
To enable the integration, Fyle is a participant in the American Express ‘Sync Commercial Partner Program’.
It comes after Fyle partnered with Visa in 2022, and then in 2023, with Mastercard.
Fyle’s AI-enabled engine instantly categorises data from expense receipts submitted by employees, then assigns it to the right projects and cost centres, and pushes the data to accounting software, such as NetSuite, Sage Intacct, QuickBooks Online, and Xero.
“We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual card, alongside the ability to automate receipt tracking, credit card reconciliation, and expense accounting with Fyle,” said Yashwanth Madhusudhan, co-founder and chief executive officer of Fyle.
“The integration helps us provide an elevated user experience and more value to our customers.”
Customers with an American Express ‘Business’ or ‘Corporate’ card can issue “unlimited” virtual cards linked to their existing physical cards using Fyle, with benefits including the ability to establish specific goals, such as spending limits, for each virtual card, and receipt of real-time transaction data and notifications via text.
Issuing virtual cards also means that receipt collection can be automated, and reconciliation is sped up with Fyle’s expense management platform.
According to Fyle, reconciliation can take up to 30 days when businesses receive credit card statements from their banks.
Fyle expects to process more than $500 million in credit card spend for businesses worldwide in 2024.