Conferma, a provider of Virtual Card Number (VCN) technology, has extended its partnership with HSBC for another three years to power its virtual card solution, MiBooking for the firm.
The agreement will allow HSBC to continue its MiBooking service, which allows travel agencies to book and pay for their clients’ hotel reservations using VCNs, irrespective of the online booking platform used.
HSBC will also roll out its latest virtual card solution MiPay, into new sectors besides insurance and health sectors, allowing its corporate card clients to make B2B payments in a secure, controlled and efficient way.
MiBooking and MiPay, which are gradually replacing cheque and BACS, facilitate businesses to improve their data, control and process efficiency by assigning each booking or purchase its own 16-digit VCN and providing a unique identifier for both the order and the payment.
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 We will continue to work together, leveraging new technologies to modernize outdated payments processes."