Commonwealth Bank of Australia introduces virtual payments cards to assist corporate travellers

    Commonwealth Bank announced a new partnership with Mastercard and Conferma which will see the introduction of new single use virtual cards for corporate travel.

    The virtual cards will enable Commonwealth Bank customers to process corporate travel seamlessly and deliver security, control and efficiency in managing business travel expenses. Conferma’s travel payments ecosystem, embedded with Mastercard virtual card capability, includes all global distribution platforms and a large number of travel management companies globally, giving clients a wide choice of partner companies.

    The offering, which is now available in Australia, provides clients with the flexibility of using their own preferred booking tools, whilst still gaining the advantage of enforcing their travel policies and controlling travel spend.

    Virtual cards for corporate travel are revolutionising corporate payments, with an estimated value of more than AUD95 billion in gross spending in 2016 and staggering double-digit growth year-on-year*.

    Commonwealth Bank Managing Director Transaction Banking Solutions Elise Fairbairn, said: “We’ve listened to our corporate customers and their desire for a flexible, secure and data rich travel payment solution. We are excited to be able to expand our capabilities in this space through Mastercard’s innovation and to gain instant access to Conferma’s extensive travel network.”

    Conferma CEO Simon Barker, said: We are delighted to be partnering with Commonwealth Bank. Virtual cards put customers in control without getting in the way of their employees. Travel expenses are inherently approved and reported at time of payment, ultimately delivering a much more convenient way to pay. I believe that this partnership, which is based on strong customer commitment and drive for innovation, will add significant value to the travel community.”

    Mastercard Australia Country Manager Andrew Cartwright, said: “Mastercard is proud to partner with the Commonwealth Bank in bringing this innovation to their customers. Efficiency and control come standard with Mastercard corporate solutions, and we strongly believe that this solution will deliver just that for Australian businesses.”

    To hear more on this important topic in relation to corporate travel, register for the upcoming ACTE-CAPA Global Conference Sydney 2017, on 29-30 November 2017.

    The event will include a range of thought provoking discussions and panels including: Payments are hot – what’s new, real and requires your attention in the area of paying for corporate travel. A panel of experts on the ‘here and now’ of travel payments. Demystifying new regulations and technology is crucial for buyers and TMCs, so we can all walk away with actionable insights.

    • The big picture of virtual cards: Who’s on board?
    • End-to-end Solutions – they DO exist!
    • Blockchain Smart Contracts

    To find out more or register, visit sydney17.capaevents.com

    * Banking Technology April 2017