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Tuesday, 24 May 2011

Conferma: The virtual world of Conferma

It seems that every day a new technology appears on the horizon with new functions and capabilities. The ever excited media is all too keen to report that this new technology is going to revolutionise the way we live.

Since the birth of the internet business has recognised its potential to create new markets and generate money. But, many early attempts at creating online businesses were restricted as the internet and its associated technologies were simply to slow – regardless of the potential. This led to the dot-com bubble as investors invested in projects that the technology couldn’t deliver.

Perhaps the most notable example of this was Boo.com an online fashion retailer in the early-mid nineties. They stretched the technology too far and their resultant collapse was symptomatic of the dot-com bubble - plenty of potential but not enough technology. However, as the internet developed and its capability improved the world became ever more reliant on this new virtual world.

Yet the emergence of one new piece of payment technology has gone largely unnoticed, virtual credit cards. Virtual credit cards operate in the same way as a normal card with the exception that no physical card is produced; they are issued dynamically for single purchasing events and are inherently secure.

In the virtual world the virtual card is coming to the fore. Enabling transactions and helping to realise the potential that so many saw in those early dot-com start-ups. They are easier to use and manage whilst offering increased flexibility and peace of mind. Essentially, virtual cards unlock revenue and create the flows of money many predicted.

Conferma has worked hard to build a network of financial partners capable of delivering virtual cards into the purchasing of corporate travel and expense (T&E). This growing network is; creating new efficiencies in existing purchasing processes, winning new business and creating new markets. Furthermore, Conferma’s settlement and reconciliation technology is superseding the traditional T&E billback process.

Conferma call this solution CSP (Conferma Settlement Platform) and it is rapidly gaining recognition within the world of corporate T&E.

Conferma and others within the payments industry have long recognised the potential of virtual cards. Conferma are using this technology to create new web-pay solutions that extend beyond corporate T&E into other B2B related purchasing categories. Anywhere, where there are; high-volume, mid-value transactions Conferma’s virtual cards can be deployed. Using Conferma’s technology does much more than traditional paper-based purchasing processes. It allows for data to be captured, processed and transmitted in a way that was not previously possible.

Ultimately, Conferma’s virtual credit card technology will give freedom of choice and transaction security in the virtual world.

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