New corporate card to control traveler expenses

[img_assist|nid=7364|title=|desc=|link=none|align=left|width=66|height=100]Companies in Europe are given improved control over traveler spending manner. The European issuer, MasterCard Worldwide, launched a new corporate card platform.

The Royal Bank of Scotland is the first to use the MasterCard InControl platform, following a year-long collaboration between the network and issuer. Companies are allowed to generate card account numbers for one-time purchases in accordance with certain parameters and timeframes adapted to the company's need.

"We identified there was customer demand for transaction controls that can be tailored to individual staff and business requirements," states Raghav Prasad, head of commercial cards for the Royal Bank of Scotland. "We wanted to offer customers the flexibility to undertake transactions within parameters reflecting the specific needs of their business."

First trial transactions were already made by the bank and now first group of consumers are being gained. At first the bank will roll out the product across the UK and then it is planning to spread to other territories.

Now a new employee after joining a company may get approved for traveler expenses that will be put on the card before he receives a physical plastic card.

"This way, after approval of a customer, you can create a limited-use account and really get that customer to start using the card, eliminating any sort of expense distribution like vouchers or per diems," says Steve Abrams, global group executive for MasterCard's commercial products. "Instant issuance can really change how issuers look at the acquisition of new customers on the Internet."

From now on corporate card usage is to be strictly regulated by companies. Companies will be able to make up a list of specified hotels and restaurants which accept the card and set up spending restrictions after certain hours at the institutions not included into the list. They will also be able to get real-time updates on employee spending habits.