Conferma, the experts in Virtual Card Number (VCN) technology for the corporate travel sector, today announced that it has extended its partnership with HSBC for a further three years.
Under the agreement, HSBC will continue to provide its Conferma powered virtual card solution, MiBooking, which enables travel management companies to book and pay for their clients' hotel reservations using VCNs, irrespective of the online booking platform used. In addition, HSBC will continue to roll out its latest virtual card solution MiPay, into new sectors, allowing its corporate card clients to make B2B payments in a more secure, controlled and efficient way. Powered by Conferma, MiPay is currently being used in the insurance and healthcare sectors.
MiBooking and MiPay automatically assign each booking or purchase its own 16-digit VCN, providing a unique identifier for both the order and the payment, enabling businesses to dramatically improve their data, control and process efficiency. By automating error-prone manual payment and reconciliation processes for accounts payable departments, the time and resource required can be reduced by over 80%.
A growing number of HSBC corporate card clients are adopting MiPay to replace more traditional payment methods such as cheque and BACS, which can leave suppliers waiting for up to 75 days for receipt of payment. VCNs ensure that suppliers receive payment almost immediately, alleviating cashflow concerns associated with other payment methods and improving HSBC's clients' relationships with their suppliers.
Commenting on the contract renewal, Simon Barker, CEO of Conferma, said, "Conferma has developed a strong working partnership with HSBC and we are delighted to have extended our relationship for a further three years. HSBC has always been at the forefront of the industry, adopting innovative solutions to help its corporate clients improve their efficiency and cut costs. We will continue to work together, leveraging new technologies to modernise outdated payments processes."