Bank of the West and MasterCard Worldwide today announced that Bank of the West will offer its commercial customers greater purchasing card program flexibility, security and control with MasterCard Purchase Control.
Powered by the innovative MasterCard inControlTM platform, Purchase Control offers corporations a suite of services to help increase corporate payment card transaction security and program efficiencies, while enabling greater overall budget control. Purchase Control will be available to Bank of the West's corporate purchasing card clients in early 2011.
"As Bank of the West continues to engage larger corporate clients with complex purchasing card programs, the need to eliminate inefficiencies and provide greater control and insight into purchasing card spend became more evident," said Dominique Fracchia, senior vice president of Commercial Card for Bank of the West. "Implementing MasterCard inControl helps our bank better meet the needs of our corporate customers, including those of our parent BNP Paribas."
Bank of the West corporate clients will enjoy improved oversight of their purchasing card programs via enhanced spending controls and authorizations, plus increased transaction security with MasterCard Purchase Control. These features will enable greater efficiencies in managing and tracking corporate and employee purchasing card spending, as well as help reduce the risk of fraudulent card usage and ensure compliance with corporate policies. MasterCard Purchase Control also lets companies simplify reconciliation and increase operational efficiencies by integrating seamlessly into existing corporate financial infrastructure.
"MasterCard Purchase Control is an innovative service that gives corporate customers the peace of mind to gain greater financial control over spending," said Michael Fiore, senior vice president & group head, Emerging Payments, MasterCard Worldwide. "The suite of services we offer through MasterCard inControl enables our customers to empower their cardholders, including corporate clients, with total control and monitoring of when, where and how cards are used."
Specifically, MasterCard Purchase Control provides corporations with the ability to:
* Set authorization controls that enable managers to define specific spending parameters for their employees while allowing flexibility for emergencies;
* Establish pre-purchase compliance with corporate spending policies at the front-end in combination with optimized MIS reporting on the back-end;
* Gain efficiencies by simplifying the reconciliation process through the use of Virtual Numbers and Limited Use Numbers to uniquely identify each transaction.
To further meet the needs of existing and potential corporate card clients, Bank of the West will also offer enhanced folio data to provide clients with greater insight into corporate card spend. With the selection of Purchase Control, Bank of the West also extends its commercial brand agreement with MasterCard to 2013.