MasterCard Introduces MasterCard ExpenSys

Tuesday 4 November 2003 05:40 CET | News

MasterCard International has introduced MasterCard ExpenSys, a travel and entertainment (T&E) expense reporting solution designed to save organizations money and valuable resources.

Through MasterCard ExpenSys, companies that use the MasterCard Corporate Card for business travel expenses will gain secure, controlled electronic access to card transaction data virtually anytime, while simplifying expense management for individual employees. By joining forces with the leading, best-in-class expense management system providers, MasterCard ExpenSys will make business travel simpler and more efficient through a range of fully electronic solutions for managing travel expenses. The solution provides greater accuracy of reporting to companies and organizations of all sizes to minimize the errors and time-consuming approval cycles associated with traditional reporting processes - including sorting through stacks of paper receipts and the manual data entry and submission of paper-based expense reports. Immediate benefits of MasterCard ExpenSys include cost savings in key areas such as enforcement of expense policies, maximizing cash management and float, and minimizing expense processing costs. MasterCard ExpenSys eliminates the need for commercial card issuers to develop disparate alliances with individual expense management software providers. Through MasterCard ExpenSys, purchasing data is automatically delivered from MasterCards central data warehouse, the Global Data Repository, to a company?s choice of any one of a number of expense management providers. These providers include top enterprise resource planning (ERP) vendors Oracle, PeopleSoft and SAP, as well as leading independent suppliers Concur, Geac, Gelco, Necho and Outtask. MasterCard?s Participating Solution Providers Concur ? Concur Technologies, Inc. provides Corporate Expense Management solutions, servicing more than 1,300 companies worldwide, including seven of the ten largest Global 100 companies. Geac ? Geac is a global enterprise software company for Business Performance Management, providing customers worldwide with the core financial and operational solutions and services to improve their business performance in real time. The Geac Performance Management suite includes several modules for expense management, including Geac Expense Reports, Geac Travel Plans and Geac Payment Requests. Gelco Expense Management - Gelco Expense Management, a division of Gelco Information Network, annually processes over $11 billion in expense payments and services for more than 1,400 organizations with over 2.2 million users. Gelco expense management and reimbursement programs include web-based expense reporting, auditing, reimbursement and analysis services. Necho ? Nechos solutions automate the management of employee business expenses, a company?s second largest controllable cost after payroll. In conjunction with MasterCard?s corporate card programs customers achieve greater control over cost, compliance, processes and business information. Oracle ? Oracle Internet Expenses is a travel and entertainment (T&E) expense management solution that enables companies to dramatically reduce the administrative costs and cycle times associated with expense report processing. Expense reports are submitted by employees and then automatically routed for approval and sent to AP for reimbursement. Employees can review the approval and payment status of their expense reports at any time using a standard Web browser. Outtask, Inc. - Outtask delivers the only end-to-end travel and expense management solution, combining CliqbookTM and VinnetTM to automate, control, and reduce overall costs in travel booking, expense submission, reporting, and reimbursement. PeopleSoft, Inc. - The PeopleSoft Enterprise Expense Management solution is a pure Internet solution with a real-time connection to organizations expense processes. SAP ? The SAP? travel management capabilities i

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce