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Conferma, the expert in Travel and Expense (T&E) settlement and reconciliation technology, announced that it had signed a partnership agreement with global payment network MasterCard. The agreement will enable banks offering MasterCard’s inControl solution to streamline the settlement of travel expense and reduce their corporate clients’ T&E processing costs.
Incorporating MasterCard’s virtual card technology and Conferma’s reconciliation solution, inControl users will be able to generate a unique card number to track individual travel bookings made irrespective of the booking platform used. Each travel booking is charged back to the virtual card by the travel supplier, triggering an automated payment and reconciliation process that accurately matches traveller and transaction activity to produce a transparent view of travel spend. Banks and Travel Management Companies (TMCs) can identify and track every booking from when it was made through to final settlement and audit. As a result, the banks’ inControl users and TMCs will benefit from an enhanced automated booking, settlement and reconciliation process that dramatically reduces admin time, room for error and the cost of labour-intensive processes, whilst seamlessly integrating into back office systems.
The Conferma solution will be available to banks utilising MasterCard’s inControl solution from January 2012.
Rene Stynen, Head of Corporate Payment Solutions, Europe, MasterCard, declared: “We are delighted to offer Conferma’s pioneering settlement and reconciliation solution to banks utilising inControl. This partnership is very much part of our strategy to give our banking partners access to value-added payment processing services that will in turn increase customer satisfaction.”
Simon Barker, Conferma’s Chief Executive, commented: “We are pleased to sign this global agreement and welcome MasterCard to our network of payment providers. This partnership will significantly expand the footprint of global partners currently using our world-class payment solutions.”
This latest partnership follows similar agreements between Conferma and selected commercial payment providers and further positions Conferma as a standardised settlement and reconciliation solution for the travel industry.
Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
