The purpose of a corporate virtual card is convenience and security. Why go through the trouble of procuring a physical debit or credit card when all an employee needs are the numbers? U.S. Bancorp is taking the convenience of its v-card program one step further by launching a new service for its U.S. Bank Access business customers.
In an announcement made Wednesday (June 3), the bank revealed new upgrades to its U.S. Bank Access Online Mobile app to include more features of U.S. Bancorp’s Access Online Payment Plus e-banking management tool. Among the most striking of these upgrades is the ability for employees to request a virtual card and have those accounts delivered straight to their mobile device.
The service is particularly useful, U.S. Bancorp said, for business travelers or employees working in the field such as technicians or property managers. “Users can request their smartphone quickly and easily, no matter where they are,” U.S. Bancorp said in a statement. “The account can be limited to one-time use for a capped amount to ensure complete spend control."
According to U.S. Bank Corporate Payment Systems’ head of Emerging Markets and Strategy Nicole Tackett, the enhanced features of its mobile app strengthens enterprises’ ability to access real-time, secure financial management.
The rise in global business operations has led to soaring virtual card demand, and competition among major banks to develop their own v-card solutions or work with card giants like Visa or MasterCard means businesses can have more choice than ever before to access virtual corporate cards.
But emerging enterprise-servicing companies like WEX are giving some of the largest banks a run for their money. WEX revealed last April that its v-card solution now spans across 11 currencies, while less expected rivals like Apple are rumored to be working on their own corporate card products.