Evolving Cards

Technology is bringing new options and new players to the world of travel payments
For corporate travel programs, the march of technology is increasingly away from physical cards and toward new forms of payment which are even now in the process of transforming the T&E space. And, the argument goes, adoption of these innovative technologies is only accelerating since they give corporations more control over travel and greater transparency into spend. Further, as travel becomes more and more globalized, technology will play an even larger role in reconciling payments across borders and in different currencies as well.

Virtual payment cards of all types continue to be on the rise, says Jennifer Petty, Bank of America’s global card and comprehensive payables executive, and indeed over the past 12 months Bank of America’s virtual travel card adoption has more than doubled.

“The biggest draws for our clients are enriched travel data, 100 percent match rates and customization of data fields – all of which are challenges with traditional payments,” Petty notes. “Our clients have also found value in issuing virtual travel cards for other expenditures such as transportation, office supplies, meetings and events, utilities and more.”

Petty further adds that Bank of America is making global consistency “a major area of focus” for corporate cardholders, such as offering the ability to use tokenization to be “more responsive to the regional nuances of other payment systems.”

Corporate Cards and Payment Systems

Categories: Special ReportCorporate Cards and Payment Systems

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