MasterCard and Orbiscom JV tackles ‘maverick spenders’

12 Sep 2007

Dublin-based card payment technology company Orbiscom has entered into a joint venture with global credit card giant MasterCard to create an advanced payment authorisation platform that will help businesses cut down on “maverick spending” on company credit cards.

The move will allow card issuers such as banks to efficiently customise their offerings based on specific consumer or business cardholder requirements.

The platform will allow banks and other providers such as retail chains to leverage both “off-the-shelf” software as well as customised offerings depending on the needs of customers.

This includes better authorisation controls for directing how and when cards may be used, intelligent routing of transactions, a robust alert system using real-time communications and a one-time use number service that allows controls such as spending limits and authorisation to be set on a transaction-by-transaction basis.

“Traditionally, issuers have had limited options to provide the transaction controls their cardholders want. They were reliant on building in-house solutions, which tend to be costly and have a lengthy lead-time to market,” said Wendy Murdock, Chief Product Officer, MasterCard Worldwide.

“With MasterCard inControl, MasterCard will host a service that provides robust, customisable and scalable features. For issuers, MasterCard inControl offers an innovative way to address cardholders’ needs while also lowering risk and increasing speed-to-market.”

MasterCard’s head of Commercial Products Steve Abrams said the inControl purchase control system will address a myriad of needs for corporations.

“It will help them reduce maverick spend and fraud while improving compliance with corporate policies and simplifying accounting,” Abrams explained.

“Beyond the control and compliance aspect, this application can help to dramatically streamline their payment processes by decreasing the amount of payments made with cash and checks and increasing the number of transactions made with card and electronic payments.”

Orbiscom’s chief executive Garry Lyons said that the company is also developing other turnkey applications based on the inControl platform.

“We have worked closely with MasterCard in the past, helping them and their clients grow transaction volume using Orbiscom Controlled Payment Number solutions,” Lyons explained.

“Now, with the launch of MasterCard inControl, their issuers worldwide will have streamlined access to a range of innovative Commercial Card, Consumer Card and Alternative Payment solutions, all designed to leverage and enhance existing card payment products and drive more transactions onto these programs.

By John Kennedy