A breakthrough in the transmission of virtual card payment details to suppliers is being claimed by specialist Conferma.
The company has developed what it describes as the first PCI DSS [Payment Card Industry Data Security Standard] compliant way to send virtual card details to suppliers without the need for a fax machine.
Conferma Connect has been approved by a number of banking partners, including Barclaycard and American Express.
The system will bring the cost of virtual card acceptance down for issuers and suppliers, in addition to increased security, according to the company.
The cost of ensuring secure payment for a hotel stay using Conferma Connect technology offers a reduction of 60% since it eliminates both the fax transmittal and receiving costs.
Conferma Connect utilises a number of PCI compliant methods including universally used business email technologies.
Around 20% of US businesses paid for travel using virtual card payments last year.
Chief executive Simon Barker said: “We’ve been working towards making the existing communication technology and infrastructure work for the transmission of virtual cards for many years.
“As a result, Conferma Connect is designed to automatically find the best way to transmit virtual card information to a supplier securely via a number of PCI compliant methodologies including universally used business email technologies.
“We now want to reach out to our supplier network to work with us towards the adoption of this improvement.”
He added: “Conferma has been providing virtual card technology since 2005, and since then acceptance hasn’t been able to move beyond the antiquated fax.
“While virtual cards provide a more secure method of payment to their plastic predecessors, many believe a viable solution improving virtual card acceptance is years away.
“Conferma Connect is a breakthrough solution that makes the way virtual card details are transmitted as secure, efficient and high tech as the method of payment itself.”