Emburse partners with Mastercard to enable FIs with expense management capabilities
By Pavithra R
Emburse, a global leader in expense management and accounts payable automation solutions has announced partnering with Mastercard to provide card-issuing financial institutions (FIs) with expense management capabilities.
Under the partnership, Mastercard-issuing FIs can now offer a custom-branded version of Emburse and deliver an integrated solution that empowers corporate clients to easily capture, verify and reconcile card spend.
Corporate card users can capture receipt images directly within Emburse’s mobile app, match them with transaction data and create and submit detailed, line-item expenses without the need to manually enter transaction data. These expense reports can then be routed for automatic processing, eliminating the need for time-consuming and labour-intensive manual reconciliation. The solution also empowers customers to use Emburse’s AI-based audit and analytics capabilities to improve the user experience, manage spend and reduce fraud.
“We’re very excited to partner with Mastercard to help simplify and streamline the user experience for its corporate cardholders across the globe. 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.
The integrated solution enables FIs to deliver unified spend-management capabilities to their corporate clients enabling FIs to gain new clients, retain existing customers and drive incremental card spend due to a faster submission and reconciliation process. Emburse will also enable FIs to offer controlled virtual card management to employees at their corporate client.
“In today’s digital economy, companies are looking for innovative technology solutions to reduce complexity and improve operations. That’s why Mastercard is modernizing the business payments ecosystem to deliver greater simplicity, automation and efficiencies. 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.
Founded in 2020, Emburse offers intuitive, trusted, and powerful expense management and AP automation solutions. Its solutions are designed to meet the demands of the workforce, and its technology empowers employees and keeps spending in compliance.