Payment network MasterCard is piloting its new integrated solution, called Travel Controller, with selected banks, travel management companies (TMCs) and end corporate customers.
Travel Controller, which will be launched in early 2014, enables issuers, TMCs and their corporate clients to lower operational costs, simplify travel expense reconciliation, and ensure compliance with corporate travel policy.
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In addition, the new solution also allows TMCs to widen their control over travel spending by setting custom virtual accounts for each transaction apart from providing the data needed to allocate charges to the appropriate cost centres.
The solution uses unique virtual account numbers for each transaction to guarantee 100% match of travel booking data to the card transaction.
MasterCard travel & entertainment, global commercial products & solutions group head Richard Crum said that that travel and entertainment (T&E) is the second largest controllable expense after salaries and benefits, and yet companies worldwide are overwhelmed with huge amounts of travel spend data requiring expense reconciliation.
"With minimal upfront investment and systems integration, Travel Controller gives companies the opportunity to remedy this pain point," Crum added.
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By GlobalData
