Cornerstone releases new web-based global data consolidation and travel management tool

iBank 4 Accepts Non-GDS Data, Can Distribute Comprehensive Travel Data to Other Third Party Technology and Enables End User to Track Actions Taken on Each Itinerary

ORLANDO, Fla., Aug. 3, 2004 -- Cornerstone Information Systems announced today at the NBTA conference in Orlando the release of iBank 4. iBank is a web-based data consolidation and reporting tool used by some of the world's largest corporate travel management companies and corporate travel departments.

Historically, iBank has gathered data from global distribution systems and back office accounting systems to provide a consolidated view of an organizations travel spend. The end user can access 120 standard reports and unlimited user defined reports from a secure and customizable web site. iBank 4 now provides the user the ability to accept data from non-GDS sources such as airlines and online travel management companies. Additionally, iBank 4 enables the user to distribute their data to other technology tools including travel and expense management, HR and meeting planning applications. "The increasing complexity of a reservation coupled with expansion of distribution channels demanded that we provide our customers with a solution that consolidates information from a myriad of sources in real time so that they can take immediate and decisive action to lower the cost of travel management," said Alan Minton, vice president of marketing and sales for Cornerstone. "iBank 4 is the centerpiece in our strategy in moving from a technology company providing data processing applications to a technology company providing information management solutions," continued Minton.

"American Express has built upon Cornerstone's flexible travel technology and reporting tools that enable us to provide highly customized, sophisticated fulfillment solutions for our customers," says Rich Miller, VP/GM American Express Online. "With this technology in place we are able to produce some of the highest 'touchless' rates in the industry," continued Miller.

Another new feature available in iBank 4 is the ability to track and report on changes made to each reservation. This concept of change management was developed by Cornerstone in conjunction with their corporate travel department customers to address the increasing concerns of cost management. "Our customers were not necessarily unhappy with the fees they were paying their travel management providers, they simply wanted to better understand what they were paying for so they could more accurately budget and forecast and proactively control the costs associated with the acquisition of travel," said Aaron Hosey, director of decision support for Cornerstone. "By enabling our customers to consolidate all of their travel spend data from various sources in real time we have given them the ability to more accurately compare travel management providers, proactively enforce policy compliance, improve risk management processes and enter into vendor negotiations with more detailed information," continued Hosey.

"Corporate travel professionals have consistently sought a product that has the capability to consolidate all aspects of travel data into one tool. iBank 4 is the solution that allows us to access real-time information 24/7 from several data sources, which enables us to manage our information the way we need in order to meet our corporate objectives," said Lisa Phillips, travel and meeting service program administrator for ConocoPhillips. "ConocoPhillips has enjoyed a strong working relationship with Cornerstone for many years and we currently use several of their products to manage our global travel program. With the release of iBank 4 our partnership has been elevated to a new level," continued Phillips.

iBank is used by a variety of organizations within and outside of the travel industry. Approximately 80,000 corporations, including 225 of the Fortune 1000 have travel spend data stored in iBank. Over 4,000 users access iBank on a daily basis. These users include corporate travel managers, CFOs, CTOs, CIOs, financial analysts, procurement specialist and MIS personnel. On average 330,000 reservations are loaded daily and 800,000 reports are run annually with over 50% being distributed via broadcast to more than 10 recipients each.

About Cornerstone

Cornerstone Information Systems is a software development company that provides travel technology solutions that enable the end user to more efficiently and effectively manage the travel reservation process. It has been providing applications and managed service offerings to the corporate travel department and travel management company markets since 1992. Cornerstone's headquarters are in Bloomington, Indiana, and they have offices in London, England. Further information about the company is available at .

SOURCE Cornerstone Information Systems

Web Site:

DSS Home |  About Us |  Contact Us |  Site Index |  Subscribe | What's New
Please Tell 
Your Friends about DSSResources.COM Copyright © 1995-2021 by D. J. Power (see his home page). DSSResources.COMsm was maintained by Daniel J. Power. See disclaimer and privacy statement.