MasterCard and Card Tech Limited, a payment card systems and solutions provider headquartered in London, have teamed to develop a software solution that will offer MasterCard member financial institutions extended global capabilities for their MasterCard Corporate Card programs. The agreement will enable MasterCard’s Corporate Card issuers to provide detailed reporting capabilities, such as line-item detail, travel records, lodging, purchasing and sales tax information in local denominations from many global markets. MasterCard card programs that will benefit from the agreement include the MasterCard Corporate Card, the MasterCard Corporate Purchasing Card and the MasterCard Corporate Multi Card.
As part of the agreement, CTL will enhance its current commercial card functionality to provide customized software systems and international corporate card processing support for MasterCard’s Corporate Card-issuing institutions. As a result, MasterCard Corporate Card issuers will be able to offer extensive integration with MasterCard’s existing data management tools, such as MasterCard Smart Data OnLine, in markets around the globe.
Additionally, MasterCard’s agreement with CTL will permit corporate card administrators enhanced capabilities for multi-level authorization control, centralized/individualized billing requirements, as well as purchase reporting functionality. For example, the solution from CTL will enable MasterCard member institutions to provide card programs with multi-dimensional reporting hierarchies for customized data delivery, helping to conform with strict budgetary controls found in many corporations.
Other benefits for the member financial institution will include features to block merchant category codes according to specific types of merchants and enhanced risk control through the ability to monitor risk exposure on a divisional or individual basis.
“The relationship with CTL translates into significantly expanded capabilities and service offerings for MasterCard, its issuers and their corporate clients in the global marketplace,” said Steve Abrams, Corporate Payment Solutions, MasterCard International. “Our combined efforts with CTL will arm MasterCard members around the world with one of the most comprehensive and flexible corporate card programs in the industry. Now, more than ever, MasterCard will deliver to cardholders an unparalleled level of service in data delivery, acceptance and support.”
Through CTL, MasterCard financial institutions will receive full life-cycle support offered through fast-track implementation, integration, certification and training for the configuration of commercial programs required. Additionally, CTL has dedicated substantial local customer support for the financial institutions that utilize the service. Development of the MasterCard/CTL solution is currently underway, with roll-out beginning October 2001.
“CTL is pleased to enhance its services to support MasterCard’s suite of corporate programs,” said Jaffar Agha-Jaffar, managing director of CTL. “This milestone effort will enable MasterCard’s members to offer multi-currency, multi-country functionality, specifically tailored to the needs of their corporate clients. It represents a significant step in CTL’s commitment to the commercial card market.”
About Card Tech Limited
CTL is the leading provider of software solutions for the international bank card industry. It is working with more than 150 financial institutions operating in over 60 countries worldwide. The company is based in the United Kingdom, with offices in Cyprus, Malaysia and Russia; it guarantees compliance and backs up all of its systems with full 24-hour lifecycle support.
About MasterCard International
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1.7 billion MasterCard(R), Cirrus(R) and Maestro(R) logos are present on credit, charge and debit cards in circulation today. An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard’s award-winning Priceless(R) advertising campaign is now seen in 81 countries and in more than 36 languages, giving the MasterCard brand reach and scope unrivaled by any competitor in the industry. With more than 21 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 2000, gross dollar volume exceeded US$857 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com/.Details