U.S. Bank recently announced a new suite of tools aimed at securing, enhancing and streamlining payments made by business travelers.
The new capabilities, which will be introduced during the Global Business Travel Association’s annual conference this week, include U.S. Bank Travel VirtualPay, real-time credit limit change capabilities and U.S. Bank Payment Plus Direct, according to a U.S. Bank press release.
“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,” U.S. Bank Travel Product Manager Mary Miklethun said. “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.”
VirtualPay will allow travelers to pay for hotels and accommodations using virtual account numbers. It will soon finish a pilot test with U.S. Bank customer Macy’s and will be available for the larger market.
Additionally, customers will have the opportunity to adjust their card’s credit limits to match the approved booking amount, thereby, according to the bank, increasing payment security and reducing the risk for improper spending.
Third-party service providers, such as travel agencies may receive faster payment with the new Payment Plus Direct capability. After the provider books on behalf of a customer, the service pays the provider using a single-use account number provided by the bank containing the exact amount owed.