Virtual Cards On The Rise - AirPlus & Cornerstone Partner To Expand Usage And Automate Implementatio
One of the world's largest providers of virtual cards for business travel, AirPlus International, has announced a partnership with Cornerstone Information Systems. This will proliferate the ease of using virtual cards for business travel payment. Through Cornerstone's systems, businesses and their TMC's will be able to automatically generate virtual cards for travel purposes such as hotel stays and air tickets.
In the US market, 20% of travel managers are using virtual cards as a payment method in their corporate travel programs according to a 2019 GBTA study. This is almost double the percentage from the previous year. "The US market is starting to see the uptick in virtual card usage and we are excited to partner with Cornerstone. Not only do virtual cards mitigate fraud during a data breach, they also provide the best transaction level detail which allows a company to really see how and where their travel dollars are being spent," said Diane Laschet, Head of Americas, President & CEO AirPlus International Inc.
With Cornerstone's vast travel and reporting presence, this partnership will expand the footprint for virtual cards to all types of travel, expanding the use cases for a broader population of travelers. With the combination of comprehensive data that comes with each virtual card transaction and the sheer volume of data and analytics that Cornerstone provides, travel consultants and their customers will have an unmatched level of transparency.
"The biggest challenge with using virtual cards has been a way to easily generate cards and bring that information back into a reservation, and our partnership solves that," said Cornerstone CEO Mat Orrego. "Cornerstone enables travel companies and corporations to seamlessly and efficiently process data and information through our workflow automations. This partnership adds an additional capability and provides reporting and analytics around those virtual cards to ensure travel companies have the information they need."