HSBC has indicated that it will continue to roll out its MiPay and MiBookings system for business travellers by renewing its contract with virtual card number (VCN) experts Conferma for a further three years.
The system allows travel agencies to book and pay for clients’ hotel reservations using a “virtual” card, regardless of the type of online booking platform used. HSBC now plans to extend the scheme into other B2B areas and has already begun offering MiPay in the insurance and healthcare sectors.
The system, which is gaining popularity among HSBC’s corporate card clients, is backed by Conferma’s technology, which works by issuing a 16-digit VCN to each booking that can be used to identify the order and the payment. Conferma says that this simplifies the way that companies manage their data and reconcile accounts payable, cutting the time it takes to handle each payment by over 80%. The system is often used to replace cheque and BACS payment, reducing the time it takes for suppliers to get paid.
Commenting on the renewed partnership, Conferma CEO Simon Barker said in a statement: “We are delighted to have extended our relationship for a further three years. HSBC has always been at the forefront of the industry, adopting innovative solutions to help its corporate clients improve their efficiency and cut costs.”
“We will continue to work together, leveraging new technologies to modernise outdated payments processes.”
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