Today, businesses struggle to onboard new suppliers quickly and do not have the tools to control payments made by colleagues working from home. The new integration of Conferma Pay with Concur® Invoice helps to solve these challenges by allowing businesses to pay suppliers using virtual cards, rather than legacy checks or bank transfers.
When a business receives an invoice from a supplier, there’s no need to follow a cumbersome payment approval process. Instead, a virtual card is generated against that invoice for a specific amount within Concur Invoice, and pre-authorised payment details are securely provided to the supplier for processing. The virtual payment is automatically reconciled against the invoice, reducing manual work for finance teams.
Paul Raymond, Director Strategic Relationships, Conferma Pay commented: “Building on our successful SAP Concur partnership for virtual payments in travel, we are expanding to also bring this capability for B2B payments integrated with Concur Invoice. Businesses using SAP Concur solutions can now use virtual cards to pay in a much wider range of scenarios, which increases automation, reduces fraud risk, and helps to better control spend.”
Conferma Pay, is the world’s foremost provider of virtual payments technology. Founded in 2005, Conferma Pay combines innovation and expertise to push the boundaries of what can be achieved in the world of virtualized business payments.
In the travel space, Conferma Pay connects issuers to more than 700 travel management companies, all three the major global distribution systems and more than 100 online booking tools. Conferma Pay is fully integrated with all the major card schemes and serves 50 banking partners, who have issued Conferma Pay-generated virtual cards in 96 currencies.
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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