MasterCard to Release Travel Cost Management Program
MasterCard is releasing a new program for its corporate clients that allows them to closely monitor and control their travel expenses online. The program, known as Travel Controller, lets businesses track all of their individual travel accounts under one system, giving owners a chance to reduce those travel expenses.
MasterCard’s Travel Controller is not scheduled to be on the market until early 2014, but it is currently being used as a pilot at a select group of banks. With this program, business owners can gain a better understanding of how their travel expenses are being spent. If an employee is spending more than the amount dictated by the company’s travel policy, the Travel Controller will show that information.
“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,” said Richard Crum, head of travel and entertainment at MasterCard. “With minimal upfront investment and systems integration, Travel Controller gives companies the opportunity to remedy this pain point.”
This program is somewhat an extension of the Smart Data service that MasterCard launched in July. This program lets company treasurers analyze business-wide spending by assessing big data from all employees.