Canadian banking services provider BMO Financial Group has collaborated with fintech firm Conferma to provide virtual card payment technology to its corporate card clients in North America.

The technology, intended for cost-effective and secure business travel, is backed by Conferma’s network of travel management companies and partners.

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In order to ensure safety of account information, the solution generates a single-use virtual card number for payments on booking platforms of travel suppliers.

This unique token is pre-set with certain parameters to prevent usage of the card for purchases not intended for.

BMO Financial Group head of North American corporate card products Steve Pedersen said: “We’re helping our clients manage payments effectively and efficiently by removing the need for manual processes.

“Paper can be cumbersome for travellers and accounts payable teams, who often need to delay payments because required back up detail is missing. Together, we’re solving this problem by capturing all the information companies need to reconcile – before the transactions occur.”

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Conferma CEO Simon Barker added: “Adoption of virtual cards is growing at a phenomenal rate, yet there are still too many businesses missing out on this incredible opportunity.

“Our virtual payment technology adds additional control, security, and flexibility, as well as enriched data analysis to meet the needs of the business travel industry.”

Virtual card technology is expected to save an average of 25 minutes on each transaction for travel management agencies, with protection from fraudulent activity.