US Bank and Conferma Partner on T&E E-payment Roll Out
Conferma, a travel and expense (T&E) settlement and reconciliation technology company, and US Bank, a corporate bankcard issuer in North America, have partnered to enable the bank to offer its corporate customers an alternative to manual billing and reconciliation of certain travel expenses, extending the benefits of electronic payment (e-payment) to situations where placing transactions on individual travel cards may not be desired.
Using Conferma’s reconciliation solution, US Bank can now create a virtual account number to track an individual travel booking. When the travel supplier charges the virtual account, it triggers an automated payment and reconciliation process that accurately matches traveller and transaction activity to produce a complete view of travel spend data.
“There are times when using a physical plastic card may not be practical, such as with infrequent travellers or job applicants, or when purchasing items for unaffiliated entities,” said Ralph Bernstein, emerging strategies and innovation officer for US Bank Corporate Payment Systems. “Yet card networks provide secure and timely authorisation, settlement and transaction data. We wanted an electronic solution that retains control, visibility and efficiency even when travel cards are not used. We are pleased to offer this to corporate customers through Conferma’s world-class settlement and reconciliation solution.”