Conferma Pay and ConnexPay have partnered to enable travel companies to issue virtual cards.
The partnership combines Conferma Pay's virtual card ecosystem with ConnexPay's virtual card issuance engine and real-time funding process to provide a comprehensive, secure, all-in-one payment solution, the companies said Wednesday (January 31). stated in a press release.
“Managing all your virtual card payments all in one platform makes it much easier to connect and do business on a global scale,” Conferma Pay CEO Jason Lalor said in a release. says.
“Improving cash flow and paying suppliers in a quick and secure way strengthens buyer-supplier relationships,” said Bob Kaufman, Founder and CEO of ConnexPay. It will encourage business growth,” he added.
According to the release, the partnership will enable travel companies to simplify payment processes and improve cash flow management.
By leveraging ConnexPay's platform, businesses can instantly access payments from customers and use those payments to fund ConnexPay's virtual cards in real-time through the Conferma Pay platform for supplier payments, the release said. is stated. This not only eliminates the waiting time between settlement and clearing of funds, but also eliminates the need for pre-funding, which can take days or even weeks.
The solution also includes ConnexPay's Intelligent Purchases Routing technology, which automatically issues the type of virtual card that maximizes rebates with each release.
In addition, an integrated fraud prevention and analytics suite will allow users to better manage and monitor their actual financial situation, the release states.
Conferma Pay is a leading provider of virtual payment technology, connecting issuers to more than 700 travel management companies, all major global distribution systems, and 100 online booking tools, according to the release.
ConnexPay, the other partner in the partnership, is integrating payment acceptance and virtual payment issuance into one platform, the release said. Although initially focused on the travel and tourism sector, ConnexPay's solutions can be applied to a variety of enterprise payment use cases.
PYMNTS Intelligence found that managing and executing B2B payments in the travel and tourism sector can be extremely complex.
In fact, according to PYMNTS Intelligence and Flywire's Smart Receivables Playbook, 20% of companies in this sector say B2B payments are a very or very important issue, and an additional 43% say B2B payments are somewhat of a problem. states that it is a serious problem. collaboration.
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