Mastercard Commercial Cardholders Get Even Greater Transparency into Amazon Business Purchases
April 15 2019 - 12:00PM
Business Wire
Bank of America Merrill Lynch, Barclays Bank
PLC, Citi, J.P. Morgan, Lloyds Bank, NatWest and The Royal Bank of
Scotland are the first to offer this enhanced transaction data to
Mastercard commercial cardholders
Digital innovation is transforming the way we do business,
making existing processes simpler, smarter and faster. Today,
Mastercard announced an upgrade to the back office experience for
commercial cardholders by providing enhanced data for Amazon
Business transactions.
For many businesses, reconciling 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.
With this collaboration, mid and large-size businesses now have
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. This product is currently available in
Germany, the United Kingdom, and the United States for Mastercard
commercial cards issued by Bank of America Merrill Lynch, Barclays
Bank PLC, Citi, J.P. Morgan, Lloyds Bank, NatWest and The Royal
Bank of Scotland.
“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 enroll Mastercard commercial cards through bank
partners are able to:
- View the details, quantities, unit
price and tax for individual items they purchase
- 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 enhanced Smart Data, its market-leading, 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. Mastercard Smart Data is used by nearly 250
issuers globally.
About
MastercardMastercard (NYSE:MA), www.mastercard.com,
is a technology company in the global payments industry. Our
global payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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version on businesswire.com: https://www.businesswire.com/news/home/20190415005654/en/
Mastercard CommunicationsAlyssa Rosenblatt+1
914-249-1564alyssa.rosenblatt@mastercard.com
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