An excerpt from the press release is included below:
U.S. Bank this week announced a suite of new tools for making cardless “virtual” travel spending faster, easier and more secure. The new capabilities are being introduced at the Global Business Travel Association’s annual conference July 26-30, and include:
- U.S. Bank Travel VirtualPay allows business travelers to pay hotel charges with virtual account numbers. New functionality captures airfare transactions as well, making U.S. Bank the first bankcard issuer in North America to provide cardless air payments that are fully integrated with Sabre, the world’s largest travel marketplace provider, and its payment technology partner Conferma. The new airfare functionality was pilot tested by U.S. Bank customer Macy’s and is now available for the wider market.
- Real-time credit limit change capability for Travel VirtualPay allows for instant anytime adjustment. An account’s credit limit can exactly match the approved booking amount, further increasing payment security and reducing the chances for misuse or improper spending.
- U.S. Bank Payment Plus Direct is a faster and more secure reimbursement tool for third-party service providers, such as travel agencies. When the agency books a flight or hotel on behalf of a customer, it pays the service provider (e.g., the airline or hotel) via a single-use account number which has been provided by U.S. Bank. The single-use account contains the exact amount owed, down to the penny. Payment is available instantly, reconciliation occurs automatically and specific data elements – such as a confirmation number – are linked to each account for easy tracking.
“Research shows that travel buyers and suppliers are looking for the benefits provided by single use virtual accounts, but often don’t realize they’re available,” said U.S. Bank Travel Product Manager Mary Miklethun. “The enhancements we’re now introducing make such accounts even more secure and easier to use. These improvements promise to widen the benefits of virtual accounts and bring them into the business travel mainstream.”