Leading FinTech company, Conferma, have partnered with global payments technology company, Mastercard, to bring to market Conferma Pay, an end-to-end virtual payment solution for banks and travel management companies.
Tapping into the $800bn addressable virtual card market, this integrated solution enables the banking world to issue their very own virtual cards with a speedy turnaround and at a low cost. No other technology provider offers a combined Business-to-Business, and Travel & Expenses solution with an eco-system like Conferma.
Simon Barker, Conferma’s CEO 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."
Conferma Pay now simplifies the process of issuing virtual cards with implementation in just 4 to 6 weeks. It brings together various products within one central solution to provide greater efficiencies for banks and their clients.
As a fully integrated solution, banks and credit unions gain a seamless process with security measures in place, and businesses benefit from tighter controls and efficiencies on corporate expenses, as well as an overall financial upside.
Commenting on this lucrative opportunity, Barker added: “Adoption of virtual cards is growing at a phenomenal rate, yet there are still too many banks and credit unions missing out on this incredible opportunity. The launch of Conferma Pay, powered by Mastercard’s industry-leading platform, makes entry to the virtual card world seamless.
“There is no change in the way you interact with Mastercard or your processor. We handle all the integrations - and we do it fast.”
Jeff Feuerstein, Senior Vice President, Commercial Products and Platforms, Mastercard, also said: “We are innovators at heart. Our global virtual payment platform adds layers of control, security and enhanced data capture capabilities to meet the needs of the business travel industry. As an integrator into the global travel ecosystem, Conferma has been a great partner for us and we look forward to continued growth for our issuers and their customers.”
Conferma has now become a world leader in deep virtual payment integration and will launch Conferma Pay internationally throughout the 197 countries in which it operates.