CIBT announced an integration with global fintech Conferma Pay designed to streamline visa payments. The global agreement sees the leading provider of business visas embrace virtual cards to deliver enhanced value to its corporate customers.
As the pandemic ebbs and economies start to reopen, the rise in popularity of digital payments has been growing rapidly amongst businesses. This partnership is a recognition of the increasing relevance of virtual payment throughout the entire corporate travel purchasing process. With a cashless, plastic-free payment offering, virtual cards are replacing legacy payment methods because they overcome many historic payment challenges, such as labour-intensive reconciliation, fraud exposure and limited data insight.
Now, CIBT corporate customers can pay for visa services using a virtual card for a specific amount, with automatic reconciliation and rich data insights allowing the corporate to better manage spend.
Pete Fox, CIO at CIBT, states: “The goal of our partnership with Conferma Pay is to bring efficiency, control and a great payment experience for both travellers and their organizations. CIBT Clients who use Conferma Pay can ensure that 100% of their travellers will use CIBT’s Fast, Easy and Secure platform when they procure their travel documents. The end to end payment integration means that businesses will be able to use a unique virtual card at check out for each visa purchase. Using CIBT and Conferma Pay, clients can rest assured that every aspect of compliance, financial security and information security is protected. As our customers navigate the current challenging environment, we seek to support them by streamlining the payment process for our visa services.”
Dave Wood, Director of Hotel Products at Conferma Pay added “Capturing the total cost of trip pre-COVID was a key focus, as we now look to further protect our travelling workforce, centralising payment across all travel purchases and spend visibility is even more crucial. CIBT customers will be able to leverage the same secure controlled payment method utilised across air, hotel and ground transportation today. The rich data provided through the integration makes it easy to link visas to a complete travel booking.
Conferma Pay is a global financial technology company. We design and integrate virtual payment systems that provides a more efficient, seamless and secure way to pay for for businesses.
Conferma Pay was born in Manchester in 2005. Since then we have connected over 700 TMCs, and directly integrate with all the major GDSs and OBTs. Our roots lie in corporate travel payment integration.
We enable our payment providers to flow virtual cards into the preferred purchasing process of any business travel buyer. Crucial to this is our network of banking partners, who have issued virtual cards in over 200 countries, in 40 currencies with over 45 commercial banking partners via all major card networks.
Our ecosystem continues to expand to meet the growing requirements of our global customer base.
Conferma Pay and Boost Payment Solutions have committed to developing a “best-in-class” virtual payment solution in an extension of their partnership. The partnership seeks to
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