Deem launched its first virtual payment provider program with Conferma Pay, a FinTech company specializing in virtual card technology. The new program allows corporations to use virtual payment solutions for travel spend, starting with hotel bookings and extending to airfare and ground transportation.
“The payment industry is moving quickly to a more efficient and highly secure virtual payment model with leaders like Conferma Pay, Apple Pay and Google Pay,” Deem CEO/President John Rizzo said in a statement. “Our new virtual payment program solves a host of challenges for corporations and travelers alike.”
Virtual payment gives corporations a central method to bill services and a better way to audit and account for travel spend. This solution helps corporations mitigate security and fraud, especially in regions or countries with higher levels of fraudulent activity. Travelers also aren’t required to present a credit card at hotel check-in, mitigating their personal risk.
The virtual payment program service is available for hotel content across all global distribution systems with a direct integration to Conferma Pay and is available for profiled and non-profiled users of the platform. The system also supports custom passenger name record remarks by leveraging Deem’s PNR editor functionality. Functionality will be available to customers by the end of the third quarter.
“We want to support corporations by enabling them to cut costs through more efficient administrative processes,” said Paul Raymond, director of strategic relationships at Conferma Pay. “With Conferma Pay’s virtual payment technology, customers benefit from a holistic and detailed, automated reporting system accounting for every single transaction. This achieves greater efficiencies, tighter controls, heightened security and avoids laborious manual tasks to create a complete cost-effective solution.”
Conferma Pay is globally connected to more than 500 travel-management companies, all five major global distribution systems and is fully integrated with all the major card schemes, serving more than 36 banking partners.