Mastercard says it is upgrading the back office experience for commercial cardholders by providing enhanced data for Amazon Business transactions.
The enhanced transaction data will initially be available in Germany, the UK and the US for holders of Mastercard commercial cards issued by Bank of America Merrill Lynch, Barclays, Citi, JP Morgan, Lloyds, NatWest and Royal Bank of Scotland (RBS).
Announcing the upgrade, Mastercard noted that digital innovation is transforming the nature of business transactions, making existing processes simpler, smarter and faster.
“For many businesses, reconciling business-to-business (B2B) transactions can be challenging due to lack of robust reporting tools. 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.
Better tracking of expenses
The global payments giant said that the collaboration gives mid and large-size businesses a more intuitive and transparent way to understand and manage their expenses. A detailed understanding of each line-item, such as item description, price and relevant tax information, for all Amazon Business purchases, helps businesses better track expenses, expedite financial reconciliation and streamline the filing and auditing of expense reports.
“More detailed transaction data helps make doing business easier,” said Jeff Feuerstein, senior vice president, commercial products, 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 enrol Mastercard commercial cards through bank partners are able to:
- View the details, quantities, unit price and tax for individual items purchased;
- See the shipping amounts associated with the financial charge;
- Directly update information either in their expense management system or in the Smart Data platform.
Mastercard has also enhanced its Smart Data expense reporting and analytics suite, to leverage this enriched data to provide new reports and custom reporting tools. This capability is available to enrolled commercial card programs from participating financial institutions.
Like this item? Get our Weekly Update newsletter. Subscribe today