U.S. Bank Unveils Multiple Enhancements to Boost Cardless Business Travel Payments
July 29 2014 - 2:30PM
Business Wire
Travel VirtualPay to Add Airfare Capability
and Real Time Credit Limits; Payment Plus Direct Will Speed
Reimbursements for Travel Agencies
U.S. Bank this week announced a suite of new tools for making
cardless “virtual” travel spending faster, easier and more secure.
The new capabilities are being introduced at the Global Business
Travel Association’s annual conference July 26-30, and include:
- U.S. Bank Travel VirtualPay
allows business travelers to pay hotel charges with virtual account
numbers. New functionality captures airfare transactions as well,
making U.S. Bank the first bankcard issuer in North America to
provide cardless air payments that are fully integrated with Sabre,
the world’s largest travel marketplace provider, and its payment
technology partner Conferma. The new airfare functionality is
finishing up a pilot test with U.S. Bank customer Macy’s and is now
available for the wider market.
- Real-time credit limit change
capability for Travel VirtualPay allows for instant anytime
adjustment. An account’s credit limit can exactly match the
approved booking amount, further increasing payment security and
reducing the chances for misuse or improper spending.
- U.S. Bank Payment Plus Direct is
a faster and more secure reimbursement tool for third-party service
providers, such as travel agencies. When the agency books a flight
or hotel on behalf of a customer, it pays the service provider
(e.g., the airline or hotel) via a single-use account number which
has been provided by U.S. Bank. The single-use account contains the
exact amount owed, down to the penny. Payment is available
instantly, reconciliation occurs automatically and specific data
elements – such as a confirmation number – get linked to each
account for easy tracking.
“Research shows that travel buyers and suppliers are looking for
the benefits provided by single use virtual accounts, but often
don’t realize they’re available,” said U.S. Bank Travel Product
Manager Mary Miklethun. “The enhancements we’re now introducing,
making such accounts even more secure and easier to use, promise to
widen their appeal and bring them into the business travel
mainstream.”
About U.S. BankU.S. Bancorp (NYSE: USB), with $389
billion in assets as of June 30, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The Company operates 3,174 banking offices in 25
states and 5,005 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
U.S. Bank Public RelationsTeri Charest,
612-303-0732teri.charest@usbank.com
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