NatWest has launched an innovative B2B mobile virtual card solution, Approval2Buy, in partnership with global payments leader Mastercard. This advanced technology promises to redefine the way companies manage their corporate payments, offering a level of security, flexibility, and efficiency that has never been before.
Instant, Customizable Cards for Employees
Approval2Buy enables businesses to generate virtual cards instantly for full-time, part-time, or even temporary employees. This gives companies the ability to make payments online or via digital wallets, with customizable spending controls tailored to individual needs. Pre-populated expense data and spending limits allow for seamless management of corporate expenses.
“NatWest is proud to be the first in the region to offer such a dynamic solution, powered by Mastercard’s innovative virtual card technology,” said Salim Secretary, Head of Payments Schemes and Partnerships at NatWest.
Enhanced Data Security
What sets this solution apart is its vital security measures. Mastercard’s tokenization technology replaces sensitive cardholder data with a unique virtual card number (VCN), ensuring that purchases are seamless and secure. This collaboration also aligns with Mastercard’s broader efforts to push for greater security and convenience in digital payments.
Mastercard’s Growing Role in Tokenisation
This launch comes at a time when Mastercard is actively investing in tokenization, as evidenced by its recent projects in Hong Kong and Europe. By enhancing digital payment security, Mastercard is paving the way for future innovations in corporate finance management, further reinforcing its role as a leader in the fintech industry.
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