U.S. Bank has announced the full market launch of its Travel VirtualPay product, following a successful pilot program. The bank will deliver a truly integrated travel payment and reconciliation tool that replaces manual central billing of hotel charges with single-use virtual account numbers.
With U.S. Bank Travel VirtualPay, travel managers can identify and track a booking from the time of reservation through final settlement and audit. The tool integrates directly with their current travel supplier or agency, allowing them to easily request a virtual account for each booking and consolidating all transaction data into one location. When a supplier charges the account, an automated reconciliation process accurately matches traveller and transaction, triggering immediate payment.
“Many of our employees do not have corporate credit cards issued in their name, as they do not travel on company business on a regular basis,” said Al Mazzola, director, Global Finance, Travel Services for Sykes Enterprises. “When we send them out on projects, we prepay their hotel charges by faxing a copy of my credit card, plus a copy of my ID. The security issues around this are obvious. Having a system like Travel VirtualPay is a godsend. In addition, it has tremendously reduced the time required for monthly reconciliation.”
“Organizations that have been using traditional central billing methods love how it saves time and enhances security. Travel VirtualPay aligns perfectly with our mission to provide unique, distinctive solutions that help our clients capture and manage every dollar of their travel spend.” said U.S. Bank Travel Product Manager Mary Miklethun
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