Institutional customers of ANZ Banking Group can now utilise single-use virtual credit cards to pay for travel or e-commerce transactions as well as to settle supplier invoices.
Customers can restrict the usage of this card to a single transaction and limit the date range, money amount, and vendor, according to ANZ, and virtual numbers are generated using an online site.
In collaboration with Visa and Conferma, which provides the portal’s technology, the new service is being made available.
The device is initially only available to institutions, allowing ANZ to gauge interest in the virtual card before deciding whether to make it more widely available and usable.
Users of the virtual card can issue single-use cards to their employees or construct cards to pay suppliers by becoming “administrators” of the portal.
Staff members who have been granted access to the portal by administrators are able to create their own cards for work-related purposes.
Next year, more features, including a mobile capability, are anticipated to be released.
The single-use card gives firms “greater control and security over cashflow, automates reconciliation, and lowers the risk of fraud,” according to Lisa Vasic, managing director of ANZ’s transaction banking division.
