Nium launches virtual card for business travel
Singapore based cross-border payments platform, Nium has announced the virtual card issuing solution launch in the United States which the company says would make it faster and easier for travel-related businesses to pay suppliers.
The company’s virtual card solution will enable online travel agencies (OTAs), travel management companies, travel tour operators, and corporations to streamline, revamp their spend management processes, and drive productivity and cost savings, as reported in press release.
This would also allow for businesses to digitize their supply chains which includes payments to the suppliers and vendors, internal processes and automated reconciliation all with rebates and higher level of security.
“Even before the current global pandemic, the travel industry has been long overdue for technology and process modernization,” said Spencer Hanlon, Global Head of Travel Payments at Nium.
Hanlon continued that with their virtual cards it would provide to “improve operations and to create long-term efficiencies that improve margins and cash flow.”
The press note also mentioned that the annual value of virtual cards used by businesses will exceed $1 trillion by 2022, the data which is taken from Juniper Research.
The virtual card solution aims to optimize payments across the value chain by unlocking working capital, reconciling transactions faster and minimizing frauds. It also noted that the company will use its virtual card solutions to enter the United States market and then also plans to expand further into new verticals.
Nium provides payments technology to banks, businesses and fintechs and helps in services such as pay-outs, pay-ins, card issuance, and banking-as-a-service. The company’s services are present in 190 countries and it covers its license portfolio in over 11 jurisdictions across the globe.