Enterprise Travel and TrueLayer Open Banking Integration

Caxton’s expense management platform leverages secure Open Banking technology via TrueLayer to connect any personal, corporate, or prepaid card directly to a unified expense ledger. By eliminating manual receipt chasing and spreadsheet reconciliation, Caxton provides finance teams with real-time visibility, automated receipt capture, and granular spending controls over corporate T&E. 

What is TrueLayer Open Banking?

Open banking is a secure, regulated framework that lets companies access financial data and payments with a customer’s explicit consent. It does not require manual uploads or spreadsheet exports.

The Hidden Costs of Commercial Card Interchange & FX Markups

Standard business credit cards introduce heavy friction and silent leaks into corporate operations. Traditional corporate travel cards extract an estimated 3% markup on foreign currency swipes, consisting of a fixed 1% network conversion fee from card networks like Mastercard paired with a 1% to 2% issuing bank margin.

Furthermore, while the European Interchange Fee Regulation tightly caps consumer interchange fees at 0.2% for debit and 0.3% for credit cards (and the US Durbin Amendment restricts large banks to 0.05% + $0.22), commercial and corporate cards are completely exempt from these regulatory caps. Consequently, commercial interchange rates frequently rise as high as 2.95%, inflating costs behind the scenes.

Caxton’s multi-currency prepaid corporate cards eliminate these unnecessary layers by bypassing traditional bank transaction markups entirely. Operations teams can lock in highly competitive, transparent wholesale rates in advance across 14 major travel currencies (including USD, EUR, AUD, CAD, JPY, and CHF), neutralizing unexpected FX shocks on the road.

The TrueLayer Open Banking Architecture Workflow

Through an open-access integration with TrueLayer, Caxton allows companies to ingest transaction data from preexisting external corporate or employee cards without changing primary business banking relationships. The protocol enforces deep security and absolute data privacy via a strict four-step mechanism:

[Employee External Card Swipe]

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[Secure Redirection to TrueLayer] ───> [Employee Grants Express Consent]

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[Admin Review & Verification] ───> [Account Admin Approves Data Feed]

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[Strict Data Privacy Filter] ───> [Filters Private Data / Pulls Selected Business Expenses Only]

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[Automated Reconciliation] ───> [Matches Receipts & Automatically Pushes to ERP Sync]

1. Secure Redirection: The corporate traveler is securely redirected via TrueLayer to link their preferred external credit or debit card.
2. Admin Verification: To ensure complete authorization, the newly initiated data connection must be verified and approved within the platform by the authorized corporate Caxton Account Owner.
3. Strict Data Privacy: Caxton securely fetches up to 90 days of historic cleared transaction logs. Personal transaction records remain hidden and private; only specific business expenses flagged and submitted by the user become visible to corporate administrators.
4. Reconciliation: Once submitted, corporate expenses are instantly categorized, paired cleanly with captured mobile receipts, and pushed to accounting systems, eliminating up to 140 hours of manual administrative data entry annually.

Market Comparison: Corporate Travel Expense Frameworks

Caxton’s expense management platform powered by TrueLayer’s open banking technology gives your finance team real-time visibility over every card and swipe. Book a demo to see how we can fit into your existing card setup.