Conferma, the virtual card number (VCN) technology expert for corporate travel, and MasterCard have globally expanded their existing integration, first signed in 2011 and dubbed In Control for Business Travel, which was previously available only in Europe.
The integration will allow MasterCard to provide all its corporate clients and issuing banks with links to the leading travel management companies (TMCs), global distribution systems, self-booking tools and online travel agencies, at the point of sale through a single connection to Conferma’s network.
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MasterCard In Control for Business Travel will facilitate TMCs and their corporate clients to streamline and modernize their travel payment and reconciliation processes, reducing costs, while increasing control and compliance with corporate travel policies.
The solution will provide a fully transparent view of travel spend by charging each travel booking back to the travel supplier’s VCN, which will trigger an automated process that matches and reconciles 100% of travel expenses to booking data.
Richard Crum, group head, Global T&E Products & Solutions at MasterCard, said: "For most businesses, travel and entertainment is the second largest controllable expense after salaries and benefits, yet in many cases their payment and reconciliation processes are not fit for purpose.
"The agreement with Conferma is great news for companies and TMCs looking to bring innovation to their travel expense operations, an area still plagued by inefficient, error prone manual processes. They will benefit from greater control and a significant reduction in administration costs across all their payment categories."
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