U.S. Bank this week announced a suite of new tools for making cardless
“virtual” travel spending faster, easier and more secure. The new
capabilities are being introduced at the Global Business Travel
Association’s annual conference July 26-30, and include:
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U.S. Bank Travel VirtualPay allows business travelers to pay
hotel charges with virtual account numbers. New functionality captures
airfare transactions as well, making U.S. Bank the first bankcard
issuer in North America to provide cardless air payments that are
fully integrated with Sabre, the world’s largest travel marketplace
provider, and its payment technology partner Conferma. The new airfare
functionality is finishing up a pilot test with U.S. Bank customer
Macy’s and is now available for the wider market.
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Real-time credit limit change capability for Travel VirtualPay
allows for instant anytime adjustment. An account’s credit limit can
exactly match the approved booking amount, further increasing payment
security and reducing the chances for misuse or improper spending.
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U.S. Bank Payment Plus Direct is a faster and more secure
reimbursement tool for third-party service providers, such as travel
agencies. When the agency books a flight or hotel on behalf of a
customer, it pays the service provider (e.g., the airline or hotel)
via a single-use account number which has been provided by U.S. Bank.
The single-use account contains the exact amount owed, down to the
penny. Payment is available instantly, reconciliation occurs
automatically and specific data elements – such as a confirmation
number – get 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,” said U.S. Bank Travel Product Manager Mary
Miklethun. “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.”
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $389 billion
in assets as of June 30, 2014, is the parent company of U.S. Bank
National Association, the 5th largest commercial bank in the United
States. The Company operates 3,174 banking offices in 25 states and
5,005 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Copyright Business Wire 2014