Emburse and Mastercard team up for corporate expense management capabilities
Commercial payments firms have been partnering with spend management platforms to smooth out operations for financial institutions, businesses and other clients. Increasingly, the card network giants are leading the trend.
This week, Emburse, a California based accounts payable automation company, has teamed up with card giant, Mastercard to provide card-issuing financial institutions (FIs) with expense management capabilities.
According to the press note, Mastercard issuing FIs would be now able to offer ‘custom-branded version of Emburse and deliver an integrated solution that empowers corporate clients to easily capture, verify and reconcile card spend’.
Last year, Emburse and Mastercard came together for expense automation for Amazon Business customers. Emburse also partnered with TransferWise for cross-border payments and Tallie Travels for small business spends.
“The potential benefits that Emburse and Mastercard can bring to banks, their clients and cardholders are immense. We look forward to launching with our first financial institution later this year, and continuing to humanize work for FIs and their corporate customers by providing them with powerful, user-friendly, mobile-centric expense solutions”, said Eric Friedrichsen, CEO at Emburse.
Corporate users can capture receipt images directly within the Emburse mobile application and match them with appropriate transaction data, create and submit details without manually entering transaction details. The solution would also allow clients to use AI-based audit and analytics to manage spending and reduce fraud, the press release noted.
While the press note also mentioned that the integrated solution would also enable FIs to deliver ‘sophisticated, unified spend-management capabilities to their corporate clients’. The company also mentions that it would make it easier for FIs to ‘put controlled virtual card management in the hands of every employee at their corporate clients’.
“Through our partnership with Emburse, we’re helping financial institutions deliver a sophisticated digital solution to help companies of all sizes modernize their expense management processes and maximize efficiencies.” said Ron Shultz, executive vice president, New Payment Flows, North America at Mastercard.