ING's corporate clients will be able to better manage, analyse and control their spending, thanks to the introduction of Purchase Control, a MasterCard® InControl™ solution that offers control and flexibility in payments management.
Purchase Control generates unique purchasing card numbers for defined, one-off purchases within a particular timeframe and with a maximum transaction value. For example, a virtual card can be created for employees who need to make miscellaneous purchases or are not senior enough to have a corporate card.
ING will work with its customers to set-up the appropriate software so that each purchase can be duly authorised through internal control and procedures and capture the required level of information. The unique number gives corporations convenience and security for all purchases, including those made online, by mail order and telephone. Additionally, companies can more easily reconcile their expenses to ensure all corporate spending can be analyzed and properly accounted for.
"We understand the desire of our corporate clients to achieve better control and increased transparency in all their spending categories," said Douglas Gray, Head of ING Commercial Payment Solutions. "ING this year extended its geographic coverage of the ING Corporate Card Solution, which enables clients to create a complete overview of their business travel expenses, giving them more control over spending and greater process efficiency. The next step for us is to help them gain the same level of control in their broader accounts payable categories," said Gray.
"The partnership with ING demonstrates how our innovative approach to payments and genuine commitment to supporting our partners will give corporate clients the peace of mind to gain greater financial control over spending," said Marcel Roelants, General Manager Benelux Region at MasterCard Europe.