This collaboration combines Conferma Pay’s virtual card ecosystem with ConnexPay’s virtual card issuing engine and real-time funding processes, offering a comprehensive and secure all-in-one payments solution, the companies said in a Wednesday (Jan. 31) press release.
“By managing all your payments through virtual cards all on one platform, it’s much easier to connect and do business at a global scale,” Conferma Pay CEO Jason Lalor said in the release.
ConnexPay founder and CEO Bob Kaufman added: “Improving cash flow and paying suppliers in a fast and secure way boosts purchaser-supplier relationships and expedites business growth.”
This partnership will enable travel businesses to simplify their payments processes and enhance cash flow management, according to the release.
By utilizing ConnexPay’s platform, businesses can instantly access incoming customer payments, which can then be used in real time to fund ConnexPay virtual cards through the Conferma Pay platform for supplier payments, the release said. This eliminates the waiting time for settlement and funds to clear, as well as the need for pre-funding that can often take days or weeks.
The solution also includes ConnexPay’s Intelligent Purchases Routing technology, which automatically issues the type of virtual card that maximizes rebates, per the release.
Additionally, an integrated fraud prevention and analytics suite provides users with greater control and oversight of their live finances, the release said.
Conferma Pay is a leading provider of virtual payments technology, connecting issuers to more than 700 travel management companies, all major global distribution systems and 100 online booking tools, according to the release.
The other partner in this collaboration, ConnexPay, combines payments acceptance and virtual payments issuing into a single platform, the release said. While initially focused on the travel and tourism space, ConnexPay’s solutions are applicable across various corporate payment use cases.
PYMNTS Intelligence has found that the management and execution of B2B payments in the travel and tourism sector can be very complex.
In fact, 20% of the businesses in this sector said B2B payments are a very or extremely significant pain point, and another 43% said they are a somewhat significant pain point, according to the “Smart Receivables Playbook,” a PYMNTS Intelligence and Flywire collaboration.
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