B2B Payments

TravelBank, U.S. Bank Team On Virtual Cards, Expense Management

TravelBank will work with U.S. Bank in order to integrate the former’s travel and expense management platform with the latter’s U.S. Bank Instant Card, in order to boost expense management for corporates, according to a press release.

The team-up will allow program administrators to issue Instant Cards directly from their expense management platforms, the release stated, and will let them instantly put virtual cards into a mobile wallet with a pre-approved budget and set expense limits.

Tory Passons, vice president of Commercial Card at U.S. Bank, said clients will be able to send virtual cards to an employee or contractor, setting spending limits or expiration dates where needed.

"Funds are available immediately, the card can be used for contactless payment, and there is full integration with TravelBank's innovative travel and expense reporting platform,” he said, according to the release.

Companies will have easy access to real-time reporting, expense capture, policy management and approvals, general ledger sync and analytics, improving on old ways that could be more cumbersome, according to the release.

“The mainstream adoption of mobile wallets is going to be key to bringing back businesses across the country,” said Duke Chung, co-founder and CEO of TravelBank, according to the release. “In a post-pandemic world, companies need to prepare to provide a contactless commerce experience where employees can seamlessly and efficiently make business purchases.”

In April, TravelBank launched a Work From Home platform, intended to set clear ways for companies to figure out what can and can’t be paid for during the pandemic’s work-from-home phase. That included questions regarding groceries, office supplies and more. In addition, the company added partnerships with numerous companies offering deals to help employees get the most out of working from home.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW