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Internet: www.bmospendandpayment.com/index.html
Corporate Ink:
Nina Gill, (617) 969-9192, ngill@corporateink.com
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NBTA International Convention & Exposition
- SAN DIEGO (August 24, 2009) – BMO
Spend & Payment
Solutions, a division of BMO Financial Group (NYSE, TSX: BMO), today
announced a strategic
partnership with Tri-Pen TravelMaster Technologies
(TravelMaster™). The agreement is the first of several partnerships
that BMO will announce over the next several weeks pertaining to
the BMO Business Travel Alliance, a consortium of world-class vendors
committed to helping customers eliminate inefficiency, improve business
practices and controls and drive better terms and prices with preferred
vendors.
The partnership with
TravelMaster addresses a compelling need in business today: how to
keep teams on
the road – meeting with customers,
prospects and partners – and at the same time, keep costs at a
minimum. Combining BMO’s corporate card and spend management solutions
for managing the entire procure-to-pay travel lifecycle and TravelMaster’s
decision support tools delivers an innovative dashboard that consolidates
global T&E data for fast, accurate analysis and complete visibility
and control over corporate
travel expenditures.
“Organizations are quickly realizing that slashing travel budgets
has a downside, especially as we fight our way out of the recession,” said
Terry Wellesley, Managing Director, BMO Spend & Payment Solutions. “We
believe there’s a way to get people back out there doing business,
without exponential cost increases. That’s the vision behind our
partnership with TravelMaster: What you can see, you can control.”
BMO supplements standard
travel addendum data with its own proprietary card data to create purchase
detail specific to the unique needs of clients.
When added to booking data and brought into the TravelMaster dashboard,
travel managers, purchasing and financial executives can quickly and
easily see and analyze a wide range of information on T&E expenditures.
Reports are intuitive and include a high-level view, as well as drill-down
capabilities. The dashboard provides answers to critical questions:
- What is the
variance of booked versus actual expenditures?
- Was the booking within corporate policy?
- What potential savings did we leave on the table?
- What is our transaction pattern with our top vendors?
- What are the
transaction patterns of individual travelers?
In many cases, organizations can leverage the data to make immediate
and effective changes in travel policy based on trends and actual usage
before the charge hits the corporate card.
“T&E purchasing
is such a complex area to manage. By adding TravelMaster to BMO MasterCard
programs, clients benefit from a cohesive
application with all the tools and analytics everyone in the company
needs. There’s immense potential for savings and leverage by applying
the right spend management principles to T&E,” said Victoria
Wofford, President of Nevada-based Tri-Pen TravelMaster Technologies.
"We’re
very pleased to be working with BMO Spend & Payment Solutions to
help companies capitalize on those opportunities to make T&E dollars
work harder.”
“The demand for T&E spend visibility and control continues
to increase,” said Mr. Wellesley. “BMO remains at the forefront
in providing its clients with the products and technologies that enable
them to deliver ongoing efficiencies to their managed business travel
programs.”
About BMO Spend & Payment Solutions
A division of BMO Financial Group, BMO Spend & Payment Solutions
is the seventh largest commercial card provider and a leading provider
of spend management solutions in North America. BMO products are widely
used by corporations and government sector organizations to manage, control
and gain better visibility into their commercial spending. Through Harris
N.A., a Midwest-based and wholly owned subsidiary of BMO Financial Group,
BMO Spend & Payment Solutions offers a comprehensive range of financial
products and services to U.S. public and private sector organizations.
BMO Financial Group is one of the largest providers of diversified financial
services in North America with average assets in excess of $430 billion.
About Tri-Pen TravelMaster Technologies
Tri-Pen TravelMaster Technologies LLC, is a technology development company
specializing in Total Travel Cost Management® technology applications.
Our flagship product TravelMaster™ is the first-ever Interactive
Travel Management System™ which provides comprehensive integration
of real-time corporate card and travel data in a single application
and a complete suite of tools providing Actionable Intelligence® for
corporate travel management. More information on TravelMaster™ and
Tri-Pen TravelMaster Technologies LLC can be found at www.TravelMaster.com or e-mail Information@TravelMaster.com
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