Launch Spends Ecosystem, the first SaaS-based platform with an integrated marketplace to address challenges of cost, compliance, transparency, data control and regulatory constraints
Mumbai, May 11, 2023: Mastercard today announced its collaboration with travel and spend management firm Getout System to launch its proprietary Spends Ecosystem, the first SaaS-based platform with an integrated marketplace to service all stakeholders in the business travel space. By addressing challenges of cost, compliance, transparency, data control and regulatory constraints, the platform will enable enterprises of all sizes to maximize the value of their spend and improve their financial health and workflows.
The Spends Ecosystem will allow enterprises to make payments which are automatically reconciled with a variety of controls aimed at ensuring risk free and frictionless transactions. It will act as a one-stop-shop for travel bookings, payments, and compliances, with in-built digital workflows, budgetary and policy adherences, and simplified accounting and expense management.
Traditionally, business travel solutions have been disparate, time-consuming, and costly, with issues around policy compliance and transparency. However, the Spends Ecosystem, with end-to-end automation of business travel, will automate travel supplier and service provider payments, thereby increasing cashflow and reducing fraud risk for enterprises.
“The collaboration between Getout System and Mastercard will facilitate seamless physical and virtual credit card generation for online and offline payments according to customers’ business needs. The platform will assist its users with spend and budget management, providing them more flexibility and controls in terms of accounting. Further, its integration with an online travel marketplace will ensure a hassle-free experience for enterprises,” said Sanjeev Malhotra, Founder Director & CEO, Getout System.
“Mastercard’s collaboration with Getout System reiterates its larger commitment to promoting innovation and strengthening the Indian startup ecosystem. With a unique marketplace model and exciting offers for all stakeholders, such as banks, intermediaries, travel service providers, and cardholders, the Spends platform will act as a complete travel solution for Indian businesses of all sizes. It will also strengthen Mastercard’s position in the business travel space,” said Mukul Sukhani, Senior Vice President, Business Development, Mastercard.
About Getout System
Getout System is a smart Spends Ecosystem with an integrated travel marketplace. It acts as a one-stop-shop for businesses of all sizes to help automate company spends, travel bookings and payments, online purchases, supplier payments, tax payments and utility payments with auto-reconciliation, spend controls, auto policy compliance checks for complete transparency and simplified expense management.
To know more about us, visit: www.getout.ai
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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