The expense management company Mesh Payments chooses $SOFI (+1.24%) as its sponsor bank.

Mesh Payments has selected Sofi Bank as its sponsor bank and continues to work with Galileo Financial Tecnologies , a subsidiary of SoFi Technologies, as its long-standing payment processor.

This partnership integrates Mesh Payments' spending and card infrastructure with SoFi Bank's financial framework and Galileo's customizable API-based payment processing platform, the companies announced in a press release Thursday (Dec. 12).

The combination of these capabilities will enable Mesh Payments to streamline enterprise spend management, reduce inefficiencies and deliver innovative solutions to its customers faster, according to the press release.

"They are the ideal partners to support our mission to provide companies with an efficient, forward-thinking approach to business travel and expense management," said Mesh Payments CEO Oded Zehavi in the press release.

Under the partnership, SoFi Bank's sponsorship program, built on Galileo's technology platform, will enable faster product development and Galileo's regulatory expertise will ensure that the solutions meet compliance standards, the press release said.

Companies using these solutions will gain real-time data, automation and a centralized view of their spend, which will benefit their operational efficiency, the press release said.

"With SoFi and Galileo under one roof, we are enabling partners like Mesh Payments to leverage Galileo's advanced cloud-based banking core. This allows them to bring new products to market faster, scale seamlessly and stay ahead of their customers' ever-changing needs," said Paul Meyer, President of SoFi Bank, in the press release.

In another separate and recently announced collaboration, Mesh Payments announced on December 2 that it had partnered with MRI Software to provide a unified expense management solution to companies in the real estate industry.

This collaboration will integrate Mesh's global corporate travel and expense management platform with MRI Software's real estate management platform, providing access to a unified global expense management solution.

In February, Mesh Payments announced the integration of its global card and expense management solution with Netsuite Oneworld , an enterprise resource planning solution for managing multiple subsidiaries.

This integration improves global spend management by streamlining intercompany transfers and synchronizing transactions between multiple companies. It eliminates the hassle of multi-company accounting and intercompany transfers while enabling seamless recording of transactions between companies and regions, the company said in a press release at the time.

Source: pymnts.com