Mastercard has announced it is aiming to simplify the integration of virtual cards to its partners via an update to its Virtual Card Number (VCN) solution.
As of today (1 April), banks and financial institutions leveraging Mastercard’s VCN technology will be able to enroll the updated solution to its platform partners to provide embedded finance solutions, like virtual cards, to their customers.
Mastercard cited three core benefits of the VCN update; bank scalability to access more embedded payment opportunities, reduced embedded finance integration friction for platform partners, and corporate users can benefit their customers with a more seamless payment experience by fewer clicks.
With a growing appetite for more digitally-backed cards from both businesses and consumers alike, Mastercard has noted the importance of providing virtual cards to not only accelerate payment flows, but also provide an added layer of security and protection.
As virtual cards provide a different, unique 16-digit code each time for a transaction, the global payment leader has partnered with enterprise resource planning platforms to help further accelerate end-corporate users’ workflows.
Mastercard’s VCN technology has also contributed to a boost in cashflow across multiple industries, such as to meeting and events providers, to hotel booking platforms.
The new VCN solution will look to participating banks and platform partners to deploy its capabilities as it no longer requires them to directly interact with one another. This is in a bid to streamline the onboarding process and make integration easier.
Once integrated, end-corporate users can use the VCN technology inside tools they already use daily to reduce the number of clicks required to complete day-to-day tasks, streamlining existing processes.
