Visa Europe has secured the services of Conferma to provide its issuing banks and payments partners with technology that can provide virtual account numbers for business travel customers.
As part of the agreement announced this week, U.K.-based Conferma, a virtual card and payment settlement provider, will help banks issue one-time, 16-digit card numbers generated at the point of sale when customers are making travel reservations through various online channels in Europe.
The Conferma Virtual Travel Account platform and network will be accessible to Visa Europe members from 37 countries. Conferma offers a network of more than 45 travel agencies and several online booking channels that accept the codes.
Business travelers using Conferma's technology will be able to submit a unique virtual number to settle each travel booking. Conferma's technology automatically matches the travel booking to the virtual card transaction, documenting corporate travel expenses based on payment amounts for air, rail, cabs and other transportation, Conferma states in a press release.
Conferma says the technology is ideal for infrequent business travelers, consultants or temporary staff who may find Virtual Travel Accounts more appealing than using their personal credit or debit cards.
Visa members will be able to extend commercial card offers to a wider customer base and increase billing potential from existing customers, Conferma says.
"Visa is delighted to be working with Conferma to bring their technology and expertise to our member banks," Tim Lewis, executive director of Visa Europe, states in the release.
Conferma says it takes about eight weeks for banks to deploy the technology and educate clients on how it works.