Commonwealth Bank of Australia (CBA) has teamed up with Mastercard and fintech firm Conferma to roll out a single use virtual payments cards for corporate travel.
The Australian bank said that the partnership is aimed at giving its clients a better corporate payment experience and spend controls.
The new offering will leverage Mastercard’s In Control solution, which will help corporate travelers to better manage their business travel expenses.
The lender added that the new offering will give its corporate clients a wide choice of partner companies as Conferma’s travel payments ecosystem, embedded with Mastercard virtual card capability, includes all global distribution platforms and a large number of travel management firms globally.
Commonwealth Bank managing director of transaction banking solutions Elise Fairbairn said: “We’ve listened to our corporate customers and their desire for a flexible, secure and data rich travel payment solution. We are excited to be able to expand our capabilities in this space through Mastercard’s innovation and to gain instant access to Conferma’s extensive travel network.”
Mastercard country manager of Australia Andrew Cartwright said: “Mastercard is proud to partner with the Commonwealth Bank in bringing this innovation to their customers. Efficiency and control come standard with Mastercard corporate solutions, and we strongly believe that this solution will deliver just that for Australian businesses.”