Commonwealth Bank has partnered with Mastercard and Conferma to introduce new single use virtual cards for corporate travel.
The partnership will enable Commonwealth Bank customers to take advantage of a seamless corporate payment experience while adding essential spend controls. The virtual cards will leverage Mastercard’s In Control® solution, delivering security, control and efficiency to corporates in managing their 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 Commonwealth Bank’s corporate clients a wide choice of partner companies. Clients will enjoy the flexibility of using their preferred booking tools, whilst 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 $95 billion in gross spending in 2016 and staggering double-digit growth year over year[1].
Elise Fairbairn, Managing Director Transaction Banking Solutions, Commonwealth Bank, 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.”
Simon Barker, CEO of Conferma, 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.”
Andrew Cartwright, Country Manager of Mastercard Australia, 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.”
This offering is now available in Australia.
[1] Banking Technology April 2017