Moneyhub, the market-leading Open Finance data, intelligence and payments platform, is partnering with expense management software provider Expense Once to bring the benefits and efficiencies of Open Banking to the often cumbersome process of reconciling credit card payments.
Powered by Moneyhub’s Open Banking API, Expense Once offers its clients real time visibility on purchases on business credit cards, with expenses recorded for each card holder, transactions automatically categorised and receipts assigned, saving time and improving reconciliation. The service is also available for personal credit cards.
This means no more manual claim processing at the end of the month, no more worrying about lost receipts and no more waiting several days for banks to process transactions. Also, thanks to Moneyhub’s unrivalled connectivity, clients are not restricted by their choice of card issuer.
It was Moneyhub’s breadth of Open Banking connections and superior customer service that first drew Expense Once to partner with the Open Banking leader. With Moneyhub’s APIs, Expense Once can connect to a variety of card issuers and benefit from a transaction feed that is updated in real-time with automatic reconciliation.
For Expense Once, Open Banking doesn’t simply make business processes more efficient, it also offers the company a competitive advantage in the expense management space.
Sam Seaton, CEO at Moneyhub said: “There is almost no financial activity that can’t be improved by Open Banking and Open Finance, and expense management is no exception. That’s why we at Moneyhub have long championed a financial system in which individuals and businesses can have full control of their data and complete visibility of their finance, and that’s also why it’s a pleasure to partner with Expense Once.”
James Rowell, co-founder and Chief Technology Officer at Expense Once said: “Open Banking is the most efficient and beneficial service for our clients, offering unrivaled visibility, transparency and speed. Moneyhub, as an Open Banking and Open Finance leader, was the obvious partner for us and working together has been remarkably fruitful, enabling us to transform our customers’ reconciliation and reimbursement processes.”