Electronic payment solutions provider CSI globalVCard recently announced the launch of a new B2B payment system. Called globalVCard travel, the innovation is designed to alleviate many of the corporate travel industry's biggest pain points, according to a company press release.
The pain points include noncompliance with travel policies, the high cost of fraud, and the burdensome manual task of reconciling travel expense data.
One of the specific issues the payment system deals with is compliance, according to the release. With the new system, only authorized purchases can be booked and paid for, and no unauthorized upgrades can be hidden in expense reports.
"Through our successful beta with a leading travel management company, we have learned the pain points of the industry firsthand and are ecstatic about the potential for the solution our team has developed," Keith Stone, CSI's President and CEO, said in a statement. "We've got the right team in place to support rapid growth as globalVCard travel is widely embraced by the travel industry."
The company explained in its press release that globalVCard travel combines CSI globalVCard’s online virtual credit card system, mobile payment application, and plastic purchasing card. The payments system can then provide businesses with better spending control and automated processes, along with the mobile convenience that business travelers need.
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