PURCHASE, NY and PARSIPPANY, NJ - MasterCard Worldwide and CyberShift, Inc., announced an alliance to provide businesses with CyberShift's Expense Management Automation (EMA) solution. 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 smartphone support, digital receipts filing, hotel folio data and much more, all delivered via a Software-as-a-Service (SaaS) model. The solution will enable corporations to enhance travel and card spend compliance through real-time data, ultimately reducing costs and errors across the board, and will provide issuers with a robust expense management solution to help customers get more from their corporate card programs.
Solution Helps Corporations Better Manage Spend, Increase Efficiencies
Research shows that 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.
"Given the difficult economic environment, companies of all sizes are looking for easy and cost-effective ways to reduce costs now," said Steve Abrams, Group Executive, Global Commercial Products, MasterCard Worldwide. "By offering an easy-to-implement, feature-rich travel and expense management solution that adapts to business requirements, integrates with existing systems and can be delivered via Software-as-a-Service (SaaS), issuers can provide their corporate customers with a solution that will make an immediate impact to their bottom line. The combined features of this offering enable corporate customers to gain greater spend visibility, increase employee efficiency, and monitor compliance with travel policies."
Agreement Provides Issuers Access to Robust Expense Management Solution
CyberShift Expense is an end-to-end solution that allows for management of all business travel and expense reporting. 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.
"In defining a comprehensive spend management solution for the middle market segment, MasterCard was a logical choice as a partner given its ability to move quickly to respond to marketplace demand for an open, competitive solution," said Robert E. Farina, CEO, CyberShift, Inc. "MasterCard is a trusted brand with excellent distribution. It offers corporate card data that is far superior and much deeper than other card companies and a travel analytical tool that provides actionable data to help travel managers identify areas for cost reduction. Together, with CyberShift's best-in-class solutions, we'll be able to offer MasterCard issuers a compelling solution for their corporate card customers at an extremely competitive price point. Our comprehensive spend management capabilities and SaaS delivery will allow corporate card customers to control spend and rapidly achieve significant ROI. "
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard, Maestro and Cirrus, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercard.com.
CyberShift, Inc. is a provider of workforce and expense management software and services focused on helping mid-sized to large, complex organizations improve organizational performance and profitability. Through its integrated Workforce Management 3GTM suite, which includes time and attendance, advanced scheduling and reporting and analytics, companies can more effectively plan, manage and deploy their workforces, reduce costs and improve processes across business operations. CyberShift ExpenseTM automates the processing and facilitates the management of employee business expenses such as travel and entertainment and helps companies improve compliance, enforce expense policies and procedures and increase visibility into operations. Offered in both traditional license fee and Software-as-a-Service (SaaS) delivery models, CyberShift's innovative solutions have been awarded U.S. and Canadian patents. CyberShift is the first enterprise-class workforce and expense management solution provider to enable support for the BlackBerry platform. To learn how CyberShift's solutions can help your organization, contact CyberShift by calling (877) 274-4381 or visiting www.CyberShift.com.