The relationship provides a gateway for Visa issuers to Conferma’s market-leading ecosystem of corporate travel providers. Visa Virtual Travel Card Service will be available to Travel Management Companies (TMCs) or to corporations whose TMC is a participant in the Conferma network.
MANCHESTER – Conferma, the specialists in Virtual Card Number (VCN) technology, announced an agreement with Visa Inc. that will make Visa Virtual Travel Card Service virtual card numbers available to Visa issuers and their commercial card clients globally. This global agreement expands on the relationship initially announced between the two parties in 2013 that provides a VCN product for Visa issuers in Europe.
The relationship provides a gateway for Visa issuers to Conferma’s market-leading ecosystem of corporate travel providers. Visa Virtual Travel Card Service will be available to Travel Management Companies (TMCs) or to corporations whose TMC is a participant in the Conferma network. The product will be fully integrated with the TMCs or the corporate client’s booking platform of choice, be that a Global Distribution System (GDS) or an Online Booking Tool, meaning no change to their existing booking workflows.
For Conferma’s existing TMC customer base, the partnership provides more payment partner options worldwide. The product is currently in pilot with one of Visa’s largest global issuers in conjunction with a long-established GDS and TMC connected to Conferma’s network.
The solution, available for all travel spend categories, is particularly suited for infrequent travellers such as contract workers, interns and new recruits, to whom corporations would not issue physical plastic for travel expenses, thus enabling Visa issuers to capture incremental spend on commercial cards.
The issuance of a unique VCN for each travel booking streamlines processes for corporations and their TMC by automatically reconciling booking and transactional data, eliminating manual processes to save time and money. Furthermore, booking data captured at point of sale enriches the level of MI available to corporations and their TMCs, whilst enabling them to track, manage and control their travel spend more efficiently.
“We are thrilled to announce our partnership with Visa Inc., enabling more Visa issuers to capture travel spend on commercial cards and providing our TMC base with yet more payment options,” commented Simon Barker, CEO of Conferma. “VCNs are widely acknowledged as one of the fastest growing commercial card products and this agreement enables Visa issuers worldwide to offer a VCN solution fully integrated with Conferma’s network of corporate travel bookings.”
“With Visa Virtual Travel Card Service reconciliation is automatic, saving time and helping to make sure reports are highly detailed and accurate. There’s no card and account to keep track of, making it manageable for contractors and employees who rarely travel,” said David Henstock, vice president, Visa Commercial Solutions. “Because there is no physical card used for transactions, the Visa Virtual Travel Card Service helps provide a greater sense of security and limits the opportunity for fraud.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
