A new one is being added to the digital transformation attacks in the corporate finance world in Türkiye. Global payment technologies giant Mastercard and artificial intelligence-based expense management platform Masraff have signed a strategic collaboration that will enable companies to manage their commercial expenses in a much more transparent, faster and efficient way. Thanks to this subsidiary, Mastercard corporate and commercial cards are directly integrated into Masraff’s artificial intelligence infrastructure. NurolBank is the institution that will offer this digital solution to its customers for the first time in Turkey, which aims to completely automate expense approval, auditing and accounting processes that take hours manually.

The main highlights of the collaboration are listed as follows:

• Artificial Intelligence Based Automation:Documents and information regarding expenses made by company employees are autonomously read and categorized by artificial intelligence, and their compliance with company policies is automatically checked.

• First Implementer NurolBank:NurolBank, which has implemented this integration for the first time in Turkey, offers this smart consumption management platform directly to NurolBank Corporate credit card users, which it will issue with its Austriacard Turkey business subsidiary.

• Expansion Plan:Mastercard and Masraff aim to spread this innovative fintech solution, which started with NurolBank, to other card-issuing banks in Turkey in the coming period and bring it to the entire ecosystem.

Corporate Cards Are No Longer Just a Payment Tool

In traditional business models, invoicing expenses made with corporate cards, collecting receipts, entering them into the system one by one and approving them by finance teams causes both a significant waste of time and human-related errors. Mastercard and Masraff partnership eliminates this operational burden, making corporate cards a living and integrated part of financial operations.

Mastercard Türkiye and Azerbaijan General Manager Onur Faydacı states that they are pleased to offer their expertise in global commercial payments to businesses of all sizes in Turkey. Emphasizing that this project is a concrete success of the “Mastercard Lighthouse Turkey” enterprise acceleration program, which was implemented with the aim of supporting the financial services ecosystem, Yararcı draws attention to the importance of a locally developed innovative technology reaching large masses through the Mastercard network.

An Era of Simplicity in Finance with NurolBank Corporate

Observing that its customers are always looking for simplicity and convenience in their spending processes, NurolBank is the first implementing bank of the project in Turkey in order to meet this expectation. NurolBank General Manager Özgür Altuntaş states that they attach importance to offering special solutions to their corporate customers. While the bank eases the workload of financial groups with the new corporate credit card products it will introduce to the market within the scope of its partnership with Austriacard Turkey, it paves the way for companies to make more strategic and informed decisions.

How Does Artificial Intelligence Prevent Misconceptions and Abuse?

The artificial intelligence technology behind the Masraff platform does not only work as a digital archiving tool. Stating that they have developed Turkey’s first artificial intelligence-based financial transaction system, Masraff Founding Partner Begül Eray underlines the autonomous capabilities of the platform.

The system scans the consumption documents uploaded to the system and parses the data within seconds. Subsequently, it checks whether the relevant expenditure complies with company rules and immediately detects possible anomalies, that is, duplicate or incorrect processes. This structure, which is fully integrated with ERP and accounting systems, provides finance departments with instant visibility and a strong control mechanism. Masraff, which is also included in Mastercard’s global “Start Path” program, has the opportunity to spread its technology to a wide range of companies, from SMEs to giant multinational companies, thanks to this cooperation.

Instant Reporting for Businesses of All Sizes

The new generation expense management analysis allows expenses to be processed into the system as soon as they are made and real-time reports to be produced. This means a great advantage, especially for managers who have to follow the budget management in real time. By reducing manual data entry to zero, companies save time and costs while increasing their operational efficiency.