U.S. Bank in Minneapolis has updated its mobile corporate payments to allow the use of virtual card accounts, which give users a temporary 16-digit number to execute transactions.
The $410 billion-asset bank integrated the virtual card feature into Access Online Mobile app. The upgrade lets app users request virtual card accounts through their smartphone.
U.S. Bank initially launched TravelVirtualPay, which provides a one-time-use virtual account number for each purchase, in 2013. Companies can make the accounts valid for one-time use in order to retain control over employee spending. For instance, for temporary workers, contractors or people who rarely travel, companies may not want to go through the hassle of providing a company card, but would like to occasionally provide card-like purchasing capability.