Mastercard has announced it is upgrading commercial cardholders’ back-office insights by providing companies with more data for Amazon Business transactions.
“For many businesses, reconciling B2B transactions can be challenging due to lack of robust reporting tools,” the company said in a release. “Goods and services are sourced and shipped from a large number of suppliers, leaving business customers with a tremendous volume of expenses to process, and often little information for each transaction.”
Now, Mastercard said, it is providing mid- and large-sized operations with an easier way to understand and manage expenses. Users will see a detailed overview of each item, like description, price and tax info, which will help companies track expenses and streamline auditing of expense reports.
The product is currently available in the U.S., the U.K. and Germany for business Mastercards that were issued by Bank of America Merrill Lynch, Barclays Bank, Citi, JPMorgan, Lloyds Bank, NatWest and Royal Bank of Scotland.
“More detailed transaction data helps make doing business easier,” said Jeff Feuerstein, the senior vice president of commercial products for Mastercard. “Our collaboration with Amazon Business streamlines financial reporting and cuts down on time spent reconciling transactions against statements. It gives our customers a clearer understanding of money spent.”
Companies that enroll will be able to look at the “details, quantities, unit price and tax for individual items they purchase,” and see the shipping amounts that correspond with the financial charges. They will also be able to “directly update information either in their expense management system or in the Smart Data platform,” the company said.
“Mastercard has enhanced Smart Data, its market-leading, expense reporting and analytics suite, to leverage this enriched data to provide new reports and custom reporting tools,” the company said. “This capability is available to enrolled commercial card programs from participating financial institutions. Mastercard Smart Data is used by nearly 250 issuers globally.”