ING Jumps into inControl
Bank Technology News | November, 2010
ING’s the latest institution to offer purchase controls for corporate clients powered by MasterCard’s inControl.
The institution will offer a product called Purchase Control, which generates unique purchasing card numbers for defined, one-off purchases within a particular timeframe and with a maximum transaction value.
For example, a virtual card can be created for employees who need to make miscellaneous purchases or are not senior enough for a corporate card. ING will work with clients to set up the appropriate software so each purchase can be authorized though internal control and procedures. Corporates can also reconcile expenses to ensure all corporate spending can be analyzed and accounted for.
Purchase Control is powered by inControl, the MasterCard spend control product that’s been used primarily by corporate clients to set corporate policy and controls on corporate spending.
While the product has gotten some consumer use, large corporate spending control deployments have come from Citigroup, Bank of Montreal, Barclaycard and RBS.
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