Commonwealth Bank has partnered with Mastercard and Conferma to introduce new single use virtual cards for corporate travel.
The partnership will enable Commonwealth Bank customers to take advantage of a seamless corporate payment experience while adding essential spend controls. The virtual cards will leverage Mastercard’s In Control® solution, delivering security, control and efficiency to corporates in managing their business travel expenses.
Conferma’s travel payments ecosystem, embedded with Mastercard virtual card capability, includes all global distribution platforms and a large number of travel management companies globally, giving Commonwealth Bank’s corporate clients a wide choice of partner companies. Clients will enjoy the flexibility of using their preferred booking tools, whilst gaining the advantage of enforcing their travel policies and controlling travel spend.
Virtual cards for corporate travel are revolutionising corporate payments, with an estimated value of more than $95 billion in gross spending in 2016 and staggering double-digit growth year over year.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, travelling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAU and join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Conferma
Conferma is headquartered in Manchester and was founded by CEO Simon Barker in 2005. Following in the City’s proud tradition of technology innovation, Conferma has become a leading FinTech company and is the foremost provider of Virtual Card technology to the corporate travel industry.The worldwide reach and integration into all major travel related booking systems allows its customers to benefit from a global banking network. Conferma’s ability to deliver an embedded, invisible payment directly in to the booking process puts it at the heart of all aspects of travel.
For more information, go to http://www.conferma.com
About Commonwealth Bank of Australia
Commonwealth Bank of Australia Group is the leading Australian banking and financial services provider and one of the largest companies listed on the Australian Stock Exchange (ASX).
Since beginning in 1911 as a domestic bank for Australian families, we have grown to offer a full range of banking and financial services products to consumer, business and institutional customers in more than 11 countries across the world.
We have become one of the world’s leading financial institutions offering insurance, superannuation, financial advice, share trading and funds management to millions of customers.
Our financial services brands include ASB, Bankwest, Colonial First State, CommInsure, Commsec and Colonial First State Global Asset Management.
We employ more than 51,000 people around the world. We have more than 800,000 direct shareholders with many more who own shares through their superannuation or retirement plans.
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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