Conferma has unveiled a new virtual payment offering for travel management companies as part of a partnership with Mastercard.
The fintech firms says Conferma Pay will help it tap into the $800 billion virtual card market and is a true “end-to-end” solution for banks and agents.
The firm said “this integrated solution enables the banking world to issue their very own virtual cards with a speedy turnaround and at a low cost”.
Simon Barker, chief executive of Conferma, said: “Known in the travel sector as leaders in payment innovation, Conferma Pay now propels us to the next level.
“It packages these financial connections to provide a complete, fully integrated end-to-end solution that puts us at the forefront of a virtual payment revolution.
“Through Conferma, issuers can provide virtual cards for corporate travel payments booked via all major global distribution systems, online booking tools and leading travel agencies.
“Virtual payment also gives issuers the opportunity to capture corporate travel spend not traditionally made through cards, guaranteeing the highest standards of payment security.”
The Conferma Pay central solution can be implemented in up to just six weeks and offers greater security and tighter controls and efficiencies on corporate expenses.
Barker added: “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.
“The launch of Conferma Pay, powered by Mastercard’s industry-leading platform, makes entry to the virtual card world seamless.
“There is no change in the way you interact with Mastercard or your processor. We handle all the integrations – and we do it fast.”
Jeff Feuerstein, senior vice president, commercial products and platforms at Mastercard, said:
“We are innovators at heart. Our global virtual payment platform adds layers of control, security and enhanced data capture capabilities to meet the needs of the business travel industry.
“As an integrator into the global travel ecosystem, Conferma has been a great partner for us and we look forward to continued growth for our issuers and their customers.”
Conferma Pay will launch internationally in all 197 countries in which the firm operates.