Visa has announced it is partnering Grasp Technologies, a leading provider of data management, visualization and payment solutions in the Travel and Expense (T&E) industry, to make business travel and management for companies easier.
Data shows that global business travel is expected to grow by approximately 7 percent per year by the end of 2021. To keep track of employee travel, companies must engage in the time-consuming task of manually piecing together data from their workers’ travel itineraries, and trip details from a variety of sources. Corporate card managers want to gain greater insight into their company’s travel card spending, accounting departments want to simplify reconciliation of expenses, and business operation managers are constantly seeking new ways to manage their corporate travel so that their businesses get the best results.
The collaboration between Visa and Grasp will simplify this process. Commercial Visa card issuers and their corporate clients will now have greater access to enhanced data, such as itinerary data, and be able to speed up their implementation of Visa’s Global CTA (Central Travel Account) Solution, which unifies corporate travel data and provides customized reports to participating issuers and their corporate clients.
In addition, corporate card managers will be able to obtain insights into their Visa travel card usage, matched with their travel itineraries from participating travel management companies (TMCs) globally. This will enable companies of all sizes to resolve issues, including proper enforcement of their corporate travel policy and accountability of travel spend.
“At Visa, we are always looking for more ways to drive innovation in order to help ease or remove our clients’ pain points. Our work with Grasp Technologies is the latest testament to this goal. Our service is currently live in North America and Europe, and we plan to expand to LAC and AP regions soon,” the company wrote in a press release.