MasterCard unveiled the Travel Controller solution on Sunday that allows travel management firms and clients the ability to more quickly and securely reconcile expenses, thereby reducing costs, ensuring compliance with travel policies and controlling spending.
“Typically, travel and entertainment 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,” Richard Crum, the group head for travel and entertainment in MasterCard’s global commercial products and solutions division, said. “With minimal upfront investment and systems integration, Travel Controller gives companies the opportunity to remedy this pain point.”
Travel Controller provides firms with the data necessary to allocate charges to appropriate divisions and allows companies to expand control over travel expenses by setting custom virtual accounts for each transaction.
The technology features virtual account numbers for each transaction that are linked to detail and company-specific data required to manage travel expenses. Because booking data is linked to a unique account number, the technology can ensure that detailed information is provided on credit and on refunds, as well as on the original transaction.
Travel Controller is currently being piloted at select banks, travel management firms and corporate customers, and will become available early next year.