MasterCard and CyberShift help businesses improve corporate card programs

image As it became known, MasterCard and CyberShift have declared an alliance to provide businesses with CyberShift’s Expense Management Automation solution. According to the companies, "the agreement provides MasterCard issuers with a compelling travel and expense management solution that they can offer to their corporate card customers. Through the combined capabilities of CyberShift and MasterCard, corporate card customers will have access to a flexible expense management solution, open integration to travel booking systems of choice, superior travel and spend analytics, BlackBerry(R) smartphone support, digital receipts filing, hotel folio data and much more, all delivered via a Software-as-a-Service (SaaS) model."

With the solution, corporations will be able to enhance travel and card spend compliance through real-time data, ultimately reducing costs and errors across the board. Besides, the solution will provide issuers with a robust expense management solution to help customers get more from their corporate card programs. According to the research, organizations can effectively increase worker and approver productivity through electronic expense reporting, card data population and work-flow software. By minimizing manual entry, eliminating duplicate entry, and automating a portion of approvals, participants in a recent MasterCard study successfully achieved back-office time savings averaging 61% and cost savings averaging 68%. The ability to streamline processes and better manage spend is a key reason for the growth in adoption of expense management solutions, particularly as companies look for ways to reign in overall travel and entertainment expenditure.

Unlike other expense management solutions on the market, CyberShift Expense integrates seamlessly with other business processes and, when combined with MasterCard’s enhanced card data, and detailed travel insights including itinerary and hotel folio detail, provides a superior offering for corporate customers. While the agreement with MasterCard is targeted at the middle market, financial institutions are also able to integrate the solution for large and multinational organizations.

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