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FinTech BoostUP > Trending News > Top PayTech News: Digital Payments Updates > Galileo Financial Technologies Integrates Mastercard Smart Data for Enhanced Expense Management
Galileo

Galileo Financial Technologies Integrates Mastercard Smart Data for Enhanced Expense Management

By FinTech BoostUP
Posted On 28 August 2024
2 minutes read
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Galileo Financial Technologies, a prominent fintech company under SoFi Technologies, Inc. (NASDAQ: SOFI), has introduced a new service for its fintech clients, starting with Rho. This service enables business customers to connect to Mastercard Smart Data, an advanced expense reporting and analytics suite. By incorporating detailed transactional data directly from Mastercard, businesses can streamline and simplify the management of corporate expenses.

Many businesses face laborious and error-prone manual processes that lead to increased errors, fraud, and delayed reimbursements. On average, companies spend nearly 3,000 hours annually correcting errors across approximately 51,000 expense reports. Mastercard Smart Data provides enriched transaction data, allowing businesses to better monitor and control costs and spending.

Rho, a platform for managing cash and spending, has already seen significant benefits from integrating Mastercard Smart Data. “We chose to integrate Mastercard Smart Data via Galileo into our platform to provide even greater spend control and value for the top-tier organizations that rely on Rho to manage their financial transactions,” said Everett Cook, co-founder and CEO of Rho.

For Galileo’s fintech clients, utilizing Mastercard Smart Data allows their business customers to automatically import detailed purchase information into their existing enterprise resource planning (ERP) or expense management systems, speeding up the process. For instance, when an employee uses a company card to pay for a hotel room, Mastercard provides real-time data about the room type, rates, and incidental purchases directly from the hotel.

Galileo is the first issuer-processor to offer Mastercard Smart Data, a service typically provided through sponsor banks.

Key benefits of Mastercard Smart Data for businesses include:

  • Enhanced transactional data for improved spend visibility and allocation
  • Simplified expense management processes