Fintech firm Conferma has teamed up with Mastercard to introduce an end-to-end virtual payment solution for banks and travel management firms.
The service, dubbed Conferma Pay, allows banks to issue their own virtual cards at a low cost. It can be implemented in four to six weeks.
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The company said that the new offering supports businesses with tighter controls on corporate expenses, and offers banks a seamless process with security measures.
The new offering will be rolled out in 197 countries where Conferma operates.
Conferma CEO Simon Barker 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.”
