Leading FinTech company Conferma has partnered with global payments technology company Mastercard to bring to market Conferma Pay, an end-to-end virtual payment solution for banks and travel management companies. Tapping into the USD800 billion addressable virtual card market, this integrated solution will enable the banking world to issue their very own virtual cards for corporate travel payments booked via all major global distribution systems, online booking tools and major travel agencies.
- Conferma has partnered with Mastercard to bring to market Conferma Pay, an end-to-end virtual payment solution for banks and travel management companies;
- New partnership aims to tap into a growing market for virtual payment cards, valued at USD800 billion;
- New solution will be available internationally throughout the 197 countries that Conferma currently operates;
- As an alternative to issuing company cards or cash advances, virtual cards are proving increasingly popular with businesses offering a cost-effective and highly accountable form of payment.
Through this development Conferma Pay simplifies the process of issuing virtual cards with implementation in just four to six weeks. No other technology provider currently offers a combined Business-to-Business, and Travel & Expenses solution with an eco-system like Conferma, which will now be introduced internationally throughout the 197 countries in which the company operates.
The process brings together various products within one central solution to provide greater efficiencies for banks and their clients. Issuers can now use Conferma to provide virtual cards for corporate travel payments. Virtual payment also gives issuers the opportunity to capture corporate travel spend not traditionally made through cards.
There are certainly benefits for all via this partnership. As a fully integrated solution, banks and credit unions gain a seamless process with security measures in place, and businesses benefit from tighter controls and efficiencies on corporate expenses, as well as an overall financial upside. The Mastercard global virtual payment platform adds layers of control, security and enhanced data capture capabilities to meet the needs of the business travel industry.
“Adoption of virtual cards is growing at a phenomenal rate, yet there are still too many banks and credit unions missing out on this incredible opportunity,” says Simon Barker, CEO, Conferma. The launch of Conferma Pay, powered by the Mastercard platform, “makes entry to the virtual card world seamless,” he adds.
Virtual cards are changing the way businesses can pays their expenses. As an alternative to issuing company cards or cash advances, this highly secure, highly accountable form of payment has proven a far more cost-effective method. Virtual cards work in exactly the same way as a normal credit or debit card, the difference is, that they only exist digitally; there is no physical plastic card which carries the number. A unique virtual card is created for every new transaction that a company makes. This virtual card is then linked back to a single, central account for banking purposes.
The new partnership with Mastercard follows just a month after Conferma teamed up with American Express to bring the power of digital payments to businesses via vPayment. This new payment solution helps make it easier for companies to make reservations, book travel, pay suppliers, and reconcile costs. This partnership enables the generation of a specific-use account number within the booking platform to pay travel suppliers. The unique account number is tied to one travel reservation and is used to match the reservations information to the supplier payment and support reconciliation to cost centres, departments and projects.