ANZ has introduced a new service for its Institutional customers, allowing them to generate virtual, single-use Visa credit cards. These virtual cards can be used for travel expenses, e-commerce transactions, and settling supplier invoices.
The Single Use Card functions like a traditional credit card but is generated online without the need for a physical card. Customers have the ability to restrict usage to one transaction and set limitations on date range, dollar value, and vendor.
Lisa Vasic, ANZ Managing Director of Transaction Banking, explained: “ANZ’s Single Use Card offers extra flexibility and improved working capital for Institutional customers. As each card is issued for a specific purpose, businesses have more control and security over cashflow; it automates reconciliation and reduces the risk of fraud."
Vasic also noted that this system speeds up payments to suppliers compared to traditional purchase order processes. This benefits the broader supply chain and helps businesses where not every staff member requires an ongoing corporate credit card.
ANZ collaborated with Visa and payments technology provider Conferma in developing this virtual payment portal. Chavi Jafa from Visa Business Solutions Asia Pacific expressed satisfaction with the partnership: “We are delighted to work with ANZ to bring the benefits of virtual cards to businesses.”
Martin Cowley, CEO of Conferma, added: “To work hand-in-hand with ANZ...as it digitally transforms its payments offering is a major proof-point for business-to-business (B2B) virtual payments and our technology.”
Additional features such as mobile capability are anticipated in 2023.