This case study highlights the benefits and key considerations of virtual payment solutions for any company looking to modernize its corporate travel management.
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A large health and medical insurance organisation providing cover to over 1 million Australian and New Zealand residents. The organisation also provides health insurance to more than 180,000 international students and workers in Australia.
The company was using traditional corporate credit cards for travel payments. This led to inconsistent spending controls, a lack of real-time visibility into spending patterns, and difficulties in reconciling expenses across multiple departments. Manual reconciliation processes consumed significant time and effort, impacting financial accuracy and compliance.
Introduced Virtual card payment which assigns a 15 digit number (VCN) to each transaction and works the same way as a standard card. VCNs are generated digitally at point of sale and used for a specified transaction at which point it then expires to limit misuse or fraud.
The following outcomes were achieved from the migration over from traditional plastic cards to VCC.
By implementing virtual payments with set spending limits, the company was able to:
The company’s finance and accounting teams saw significant improvements in data accuracy:
The overall travel management process became more efficient:
The integration of virtual payment capabilities with set spending controls and enhanced reconciliation processes transformed the company’s travel management, providing better financial oversight and reducing administrative burdens. By working with a travel management partner like Travel Tailor, the company was able to achieve greater efficiency, cost savings, and compliance while improving the overall traveler experience.
