ANZ multinational banking and financial services company let businesses create single-use virtual credit cards. Customers can pay for travel or e-commerce purchases using this card. Also, they can settle their invoices with single-use virtual credit cards.
Credit cards can be generated virtually through online portals. Customers can restrict the use of this card to a single transaction or can limit the data range, vendor and dollar value.
Partners with Visa and Conferma
The bank is in partnership with technology providers Conferma, and Visa for this service. Institutional customers are the first to access the product. It will be available for use with ANZ.
The users of virtual cards become ‘’administrators ‘ of the portal. It allows them to distribute a single-use card to their employees, or to create cards for payment to suppliers. Also, administrators can give approval for staff access to the portal. Through this access, they can generate their own card for business purposes.
Mobile capabilities are expected to roll out next year
In addition to the service, mobile capacity is expected to start next year. Lisa Vasic, ANZ’s managing director of transactions said, ‘’the single-use card gave businesses more control and security over cash flow. Moreover, automates reconciliation and reduces the risk of fraud.’’