Innovations in financial tech are opening up new ways to pay for business travel
There’s a lot happening in corporate travel payment. New technologies like virtual and mobile payments, blockchain and other FinTech innovation are changing expectations among corporate program managers and employees. Thanks to a bevy of new partnerships, alternatives are coming from suppliers not thought of as payment players, including travel management companies.
These won’t be on the level of the American Express closed-loop network for clients using travel and card services. But they will offer new options especially for small or midmarket companies.
In October, for example, BCD Travel announced it would become UATP’s first TMC issuer of central lodge card accounts. They will be available to US clients this year. The TMC will generate income from card fees applied to airline transactions. In return it takes on card provisioning, credit allocation, customer support and credit risk.
Bringing sources of card and travel data under one roof helps with reporting and expense management. A unified travel, payment and expense process makes for a more convenient traveler experience.
To continue reading the full article, click here.