|April 12, 2011|
Hyatt Joins the MasterCard Worldwide Enhanced Folio Data Program
|MasterCard Worldwide and Hyatt Corporation have announced that Hyatt properties in North America plan to participate in the MasterCard enhanced folio data program. With the addition of these Hyatt properties, businesses that use MasterCard corporate cards will be able to access line item expense data from their travel and entertainment (T&E) activities at more than 12,000 hotels and resorts in the United States and Canada. |
According to a 2010 study by Aberdeen, 53 percent of organizations place a high priority on expense management given current economic conditions. By providing line-item detail, the MasterCard hotel folio data program enables simple separation of personal and business expenses resulting in the ability for businesses to improve compliance with T&E policies.
"The MasterCard enhanced folio data program provides corporations with high quality, detailed expense data which helps them more efficiently manage their corporate card programs and integrate expense reporting with existing financial systems," said Jay Singer, group head of U.S. Commercial Products at MasterCard Worldwide. "This collaboration with Hyatt delivers on our strategy to build the industry's most powerful, comprehensive and seamless global data infrastructure to support our expanding corporate card offerings."
The MasterCard hotel folio data program gives companies access to "level 3″ expense data, such as room charges, tax, meal, telephone and business center fees, among other itemized expense details. The transactions are presented back electronically and can be integrated directly into a company's expense management system.
"MasterCard's enhanced folio data program is going to allow us to better meet the needs of our guests who want more timely data on hotel expenses," said Jack Horne, senior vice president of sales for Hyatt Hotels & Resorts. "By participating in this program, we hope to allow our guests and their employers to improve the overall expense management process for their hotel expenses, which is a significant component of any company's T&E spending."
Since 2002, MasterCard's suite of enhanced data management solutions has provided companies with the ability to more effectively track and manage corporate travel spending, reduce costs and improve efficiencies. Corporate customers can access hotel folio data through smartdata.gen2(TM), MasterCard's industry-leading, web-based expense management and reporting solution, or have the information delivered directly to their own expense management or ERP systems from the MasterCard Global Data Repository. To date, more than 12,400 corporate clients access the MasterCard hotel folio data program.