AIMED at offering travel management companies and corporate travel agencies enhanced security and control over transactions, Abacus is launching a new virtual payment solution in partnership with technology provider Conferma, slated to roll out by the end of this year.
Robert Bailey, president and CEO of Abacus, said Virtual Card Numbers (VCNs) are a “new standard” for online payments and can radically improve businesses’ ability to measure and manage its corporate spend.
While traditional corporate payment products – plastic corporate cards – have a 16-digit number that is used for multiple transactions, the new virtual payment technology means that each transaction is assigned its own unique 16-digit number for booking and payment, hence providing greater security.
Upon reaching the payment stage for a booking, Abacus VirtualPayment automatically collects the booking data and asks for details required by the traveller’s employer. In return, it will generate a one-off 16-digit VCN.
According to Bailey, VCNs can have many different controls applied, including specifying or limiting the amount to be paid, or specifying when a payment must be completed.
Bailey said: “The scale and diversity of bookings managed by Abacus (agencie make the process efficiencies in VCN technology very significant.
“What makes a VCN exceptional is that it becomes the unique identifier for both the booking and the payment. That means booking and payment data are automatically reconciled, removing the need for labour-intensive and time-consuming manual reconciliation or accounts payable processes,” he added.
Greg Thompson, banking partner development manager of Conferma, is bullish about the rising trend of virtual payment solutions. He said: “People are beginning to accept the idea of virtual cards today because it is so secure and it is risk-free.
“I am predicting that within five years, at least 90 per cent of all corporates will be switching to virtual cards,” Thompson added.
In March this year, eNett International rolled out a Virtual Account Numbers payment system in Singapore that automatically generates 16-digit MasterCard numbers for each booking transaction and enable automatic reconciliation at point of sale.
