American Express has launched vPayment in the South African market, offering travellers and travel agents a safe, simple and reliable way to pay for their bookings.
vPayment controls and streamlines the payment and reconciliation process by assigning a unique American Express virtual account number and user-defined expense information to each transaction. A bespoke transaction value and date range can be specified and associated with each virtual account number.
Key data elements like employee ID, cost centre and all relevant booking references can also be associated with the account number. Added controls minimize the opportunity for fraud whilst enhanced data helps to streamline the reconciliation process.
Chris Wood, Head of Card Issuing and Payments, says: “There has been increased demand from South African Corporates and Travel Management Companies (TMC) for Virtual Cards, as these cards integrate comprehensive security parameters which will help both the TMC and the corporate to reduce any possible fraud.
“The company can specify aspects such as to whom the card will be issued, the value of the card, the authorised merchants, and the time-frame for the validity of the card. Thanks to the transparency of these specifications and the clarity of spend the virtual card offers, reconciliation becomes more streamlined. “From a TMC management point of view, the virtual card means there is no additional impact on the TMC’s cashflow – the virtual card carries the same costs and reconciliation processes as the traditional plastic card.”
vPayment is an integral part of the American Express Complete Travel Solution, an end-to-end solution for Corporates and Travel Management Companies (TMCs) that integrates virtual cards, as well as other card solutions and allows the customer to tailor how they would like to book their travel.