We dove deep into over $300 million of customer credit card transactions to understand how exactly Fyle’s Real-Time Feeds (RTF) has helped our customers. And what we found? It's changing the game for finance teams everywhere.
In this post, we’ll walk you through the highlights of our research, and offer a quick look at today’s expense management landscape. If you’re tired of endless reconciliations, manual processes, and delayed credit card data, read on—then download the full report to see how RTF can help you leave those headaches behind.
But first, let's clarify.
What are Real-Time Feeds (RTF), Exactly?
Simply put, RTF delivers instant transaction data directly from card networks like Visa and Mastercard on your existing credit cards. Instead of waiting days for bank statements, you get immediate insights into every purchase your employees make.
Think of it as having a live feed of your company's spending.
The State of Traditional Expense Management
- Banks play catch-up: Traditional bank feeds are notoriously slow, often arriving 48-72 hours after transactions occur. This delay makes it incredibly difficult to track spending in real-time, leading to surprises and potential overspending.
- Fintech cards aren't always the answer: While fintech solutions offer shiny apps and promises of speed, they often come with high entry barriers, like minimum cash balance requirements that exclude many businesses. Plus, their credit limits can fluctuate unexpectedly, creating uncertainty for businesses that rely on credit for day-to-day operations.
- Manual reconciliation reigns supreme: Spreadsheets, calculators, and endless hours spent matching receipts to transactions – this is the reality for many finance teams. It's a time-consuming, error-prone process that steals valuable time from more strategic tasks.
- Visibility is a luxury, not a given: Without real-time insights, finance teams are often flying blind, unable to identify spending trends, proactively address overspending, or make informed decisions about budgets.
Fyle’s expense management software solves all this and more.
Here’s What Our Report Revealed
Reconciliation in Under Two Minutes
Yes, you read that right. Businesses that once spent hours on monthly credit card reconciliations are now wrapping them up in just two minutes. By matching transaction data in real time, our platform helps you review and verify expenses as they happen, rather than scrambling during the month-end close.
A 99% Surge in Receipts Submitted
Chasing receipts becomes a thing of the past. With instant notifications and easy submission options, employees are submitting receipts faster than ever. Employees can also submit expense receipts from the apps they already use every day, like Gmail, Outlook, and Slack. Or, they can use Fyle's easy-to-use mobile app.
We’ve observed receipt collection times plummet from 30 days to as little as one hour—a transformative improvement for finance teams.
11,258 Policy Violations Detected
Real-time data means real-time control. We saw thousands of policy violations caught early, saving businesses millions in significant costs and preventing potential fraud.
No Need to Switch Cards or Banks
The best part? Fyle's RTF works seamlessly with your existing card programs. No need to switch banks or jump through hoops to qualify for new fintech solutions. We built this to integrate into your current workflow.
Ready To Unlock The Full Report?
We've only scratched the surface here. Our full report, Real-World Impact of Real-Time Credit Card Feeds, is entirely free and packed with insights to help you decide if real-time expense data could revolutionize your own expense management processes.
Don't let outdated expense management hold you back. Discover how RTF can transform your financial processes.
