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Conferma introduces Connect to increase efficiency and flexibility in virtual payments

October 12, 2016 Business News No Comments Email Email

Conferma, the leading provider of virtual payment solutions, launches the latest innovation in virtual card transmission across the Asia Pacific (APAC) market, enabling the receipt of payment confirmations via PCI DSS compliant email for the first time.

Conferma Connect, the secure virtual card delivery service, unlocks a truly revolutionary way to pay for corporate travel. Conferma has developed a new proprietary solution that automatically finds the best way to securely transmit virtual card information.

Today suppliers receive Virtual Card payment information through established methods such as fax, API, or an hourly batch file. Prior to the launch of Conferma Connect, the most common way to send Virtual Card details was the old fashioned method of fax. Email was a non-compliant and insecure way to send sensitive payment card details. For the first time now, receiving a PCI compliant email can be an alternative option. Conferma Connect has already been approved by a number of Conferma’s influential banking partners, including American Express.

Conferma Connect uses encryption mechanisms and protection to ensure the email is PCI DSS compliant. In addition to increased security, the system will bring the cost of virtual card acceptance down for issuers and suppliers. The cost of ensuring secure payment for a hotel stay using Conferma Connect technology offers a reduction of up to 85% since it eliminates both the fax transmittal and receiving costs. Luckily for suppliers there is no need for additional software. All merchants will be able to receive the confirmation email without any impact to their existing processes or expenditure or without the need to buy or download additional hardware or software. Conferma`s new technology will be available for all hotels to simply “opt in” and replace fax as the default Virtual Card payment confirmation option.

So far the main adopters of Virtual Cards for travel and expense (T&E) have largely been in the USA and Europe. The availably of receiving payment confirmations via email in APAC is deemed to place the region in a position for exponential payments adoption.

Darren Blair, Head of Sales for Conferma APAC, said:

The Conferma settlement platform has already reduced the time spent reconciling corporate card spend, significantly reduced their employees’ out of pocket expenses and given greater control over budget management for our corporate customers in the USA and Europe. Previously, PCI compliance standards meant that deployment wasn’t appropriate for the fax-averse APAC market. Now that the learning has been done in these markets, the last piece in the puzzle for virtual payments in the region is here.”

In Australia alone, 90% of big businesses say they are concerned about the way they manage their expenses, of which 32.5% find manual reconciliation too time consuming and 25% admit that their processes incur costly inefficiencies.[1]  APAC is quick to embrace new in fintech developments. Australian customers are the world’s fastest adopters of mobile banking,[2] and APAC accounts for the majority of the global mobile subscriber base.[3]

David Newington, Country Manager, Australia at Airplus International, one of the key proponents of virtual cards in APAC, has commended Conferma Connect: “The introduction of PCI compliant email for Virtual Cards transmission, facilitated by Conferma Connect, will increase the acceptance and widen the adoption of virtual payment like AirPlus A.I.D.A. for all types of travel expenses.

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