Galileo Adds Mastercard Smart Data to Expense Reporting Solutions

Galileo Financial Technologies now enables its FinTech clients to connect their business customers to Mastercard’s expense reporting and analytics suite, Mastercard Smart Data.

The offering allows businesses to better manage their corporate expenses by integrating detailed transactional data directly from Mastercard, Galileo said in a Tuesday (Aug. 27) press release.

“Access to better spend data helps businesses gain a comprehensive view of their corporate expenses,” Galileo Chief Product Officer David Feuer said in the release.

With access to Mastercard Smart Data via FinTechs, businesses can automatically ingest detailed purchase information into their enterprise resource planning (ERP) or expense management systems, according to the release.

The integration supports better spend visibility and allocation, simplified expense management processes, and the ability to control spending and generate reports, the release said.

When this data is combined with Galileo’s Corporate Hierarchy feature, which organizes corporate payment card accounts into a multi-tiered system, business accounting teams can easily allocate expense spending by individual, team, location or other categories via their ERP system, per the release.

Galileo’s first FinTech client to connect their business customers to Mastercard Smart Data is business banking platform Rho, according to the release.

Spend management technology is becoming table stakes in every industry, according to the PYMNTS Intelligence report “Better Working Capital With B2B Spend Management.”

The report found that 74% of Software-as-a-Service (SaaS) firms with 500 to 1,500 employees have an automated system for non-payroll spending.

In another addition to its offerings, Galileo said in July that it offers 3D Secure to help clients protect against card-not-present (CNP) debit and credit card fraud. 3D Secure, a security protocol developed by card networks, can reduce fraud rates by up to six times compared to non-3DS transactions.

In March, Galileo expanded its buy now, pay later (BNPL) offering to let banks and FinTechs offer cardholders new post-purchase installment payment options via their existing debit or credit cards.

Post-purchase BNPL gives FinTechs an entry point into the lending space, while giving them a chance to increase revenue via installment fees.

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