U.S. Bank will introduce new tools designed to improve virtual spending options for corporate travel at the Global Business Travel Association’s annual conference this week, according to a company statement.
The bank explained in the release that its Travel VirtualPay option will now let business travelers capture airfare transactions with virtual account numbers, in addition to paying hotel charges.
Additionally, U.S. Bank launched Payment Plus Direct, which lets third-party service providers – like travel agencies – speed up the reimbursement process. According to the company release, when the agency books a flight or hotel on behalf of a customer, it pays the service provider via a single-use account number that was provided by U.S. Bank. Payment is available instantly and reconciliation occurs automatically. Additionally, specific data elements, like 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,” U.S. Bank Travel Product Manager Mary Miklethun, said in a statement. “The enhancements we’re now introducing, making such accounts even more secure and easier to use, promise to widen their appeal and bring them into the business travel mainstream.”
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