U.S. Bank has expanded its virtual payments to travel intermediaries in an effort to facilitate payments from online travel agencies and loyalty companies to their suppliers.
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With this payment service, agencies and loyalty companies will be able to speed bookings and enhance satisfaction with real-time payment.
The service will allow the bank to processes their customer’s payments and redemptions and later send the payments to travel suppliers, including airlines, hotels and resorts.
Leveraging virtual, single-use accounts, the payment solution is seamless and takes only seconds, ensuring a positive customer and supplier experience.
From the past two years, the bank has been providing virtual payment for corporate travel in North America and Europe.
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By GlobalDataU.S. Bank global executive for large market and public sector bankcard Jeff Rankin said: "Automatic reconciliation is critical to our partnership with travel intermediaries.
"Our single-use account solution provides an alternative to central travel accounts, creating a 1:1 relationship between the booking data and the transaction data and reducing overhead."
In 2013, the bank has launched Travel VirtualPay, a travel payment and reconciliation tool, to North American and European customers.
