Conferma, the expert in Travel and Expense (T&E) booking, settlement and reconciliation technology, announced the launch of SNAP, it’s new reconciliation tool that provides TMCs with ready-matched transaction and booking data providing a comprehensive overview of business travel spend
Smart New Accounts Payable (SNAP), automatically captures billing data from Conferma’s global network of banking partners, such as all charges relating to a hotel stay, which are billed to the single-use virtual cards generated by Conferma for business travellers to use when paying for travel transactions. This billing data is then automatically matched to the booking data held by the TMC significantly streamlining the accounts payable process that has traditionally been labour intensive and time consuming. Global Business Travel Association (GBTA) recently estimated the time spent manually reconciling and cleaning data at 442,000 man-hours annually, which equates to US$22.7 million.
Using the tool TMCs can review all automatically reconciled payments and bookings and create a variety of MI reports which can be organised for example by cost centre, individual business traveller or hotel property. Additionally, the tool assigns hotel invoices to transactions either by importing electronic copies or allowing users to enter invoice details into an online template. This enables the TMC to provide their corporate clients with a clear audit trail of corporate spend and rich management information to help drive corporate governance, adherence to policies and enhanced supplier management.
SNAP is being made available to UK TMCs from November followed by a multi-lingual version in Europe from early 2013.
Gill Collier, Director of Account Management, Conferma, commented: “TMCs commit significant resources to undertake the manual matching and reconciliation of transactions. Conferma’s SNAP collates all booking, payment and transaction data in one portal giving them a matching accuracy rate of 99.95%, enhanced management information and an audit trail on all client spend. Not only can they provide their clients with a clear snapshot of their corporate spend but the increased efficiencies will help TMCs reduce their operating costs.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
