Hyatt Joins the MasterCard Worldwide Enhanced Folio Data Program
Industry-Leading Program Helps Companies More Effectively Manage and Optimize the Value of Corporate Card Programs
PURCHASE, N.Y.--(BUSINESS WIRE)-- MasterCard Worldwide and leading global hospitality company, Hyatt Corporation, today 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™, 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.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family in 45 countries strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt Summerfield Suites® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of December 31, 2010, the company's worldwide portfolio consisted of 453 properties. For more information, please visit www.hyatt.com.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.