Diners Club has unveiled a virtual payment solution targeting travel buyers, travel management companies (TMCs) and suppliers.
The Diners Club virtual card, which will be introduced into the booking, authorisation and settlement process for land arrangements, has enhanced security for all players in the corporate travel industry.
According to a statement, the virtual card has payment features that include data collection and reporting, and reduced reliance on bill-backs for the corporate travel industry.
The virtual card also allows travel buyers and TMCs to ensure travel spend will be capped and they will only incur pre-approved costs. This greatly reduces the chance of overspending and effects cost control through the elimination of the need for credit facilities, notes the statement.
Ebrahim Matthews, MD of Diners Club South Africa, says: "Much like we pioneered the virtual lodge card, Diners Club continues to provide new and innovative solutions in the corporate travel industry.
"The virtual card allows all players in the industry to better control their travel and entertainment spend, and is a complete travel supplier payment solution that facilitates immediate supplier settlement, enabling cost-savings and improving cash flow."
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