India’s HDFC Bank has teamed up with Mastercard and SAP Concur to manage corporate travel and expense management, according to a report by The Economic Times.
The bank will offer a corporate credit card for travelers that provides solutions for expense management and payments while users are on business trips.
“The corporate credit card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving corporate efficiency,” the bank said.
Mastercard and SAP Concur, an invoice management company, will provide support for the card.
“Corporates can gain greater insights and control, while ensuring regulatory and tax compliance through this solution,” said Parag Rao, country head for payments business and marketing of HDFC Bank. “Together with SAP Concur solutions, we aim to reinvent the way Indian corporates experience business travel.”
Mankiran Chowhan, managing director of the Indian subcontinent for SAP Concur, said with the integration of travel, invoice management and expense, customers will have a management platform that’s intelligent and helpful.
“This enables them to uncover valuable spend data, simplify processes, and make smart decisions,” Chowhan said. “Using our joint solution, organizations can make strategic decisions based on insights unique to their business and gain a consolidated view of their budget, drive control on how employees spend money, automate payments to speed up processing, and ensure compliance and data accuracy.”
Porush Singh, division president of South Asia for Mastercard, said the card will offer special features to enhance a traveler’s convenience as well as offer more protection from fraud.
“It will help to capture and consolidate accurate financial reporting to enable deep analysis for greater cost savings,” Singh said.
HDFC is headquartered in Mumbai and has more than 100,000 employees. It’s India’s largest private sector lender when viewed by assets, and it’s the largest bank in India by market capitalization.
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