National Australia Bank (NAB) has introduced a digital wallet-enabled virtual corporate card in Australia in a bid to advance the country’s banking sector.
The NAB Virtual Corporate Card is a plastic-free solution that was designed to simplify and modernise business expenses according to NAB.
In essence, the corporate credit card allows organisations to generate virtual cards instantly for employees and contractors. These virtual cards can be utilised for transactions in applications, online platforms, or physical stores, irrespective of the user's location. Furthermore, the cards are compatible with various digital wallets such as Apple Pay and Google Pay.
The primary benefit of NAB's Virtual Corporate Card lies in its ability to offer businesses a quick and secure means of providing pre-approved credit to their staff. This functionality aims to streamline expense management and improve efficiency in cash reimbursement and procurement processes.
Representatives from NAB brought up the time-saving aspect of the Virtual Corporate Card, stating that it reduces administrative tasks for businesses. The card's security features were designed to ensure that spending is controlled beforehand, with all expenditures pre-approved and unauthorised transactions blocked.
They also highlighted a common scenario where employees might urgently require funds, noting that the Virtual Corporate Card enables businesses to digitally provide funds on the spot, eliminating the need for employees to cover expenses personally and seek reimbursement later.
Officials from Melbourne Business School cited by National Australia Bank expressed enthusiasm for adopting NAB's Virtual Corporate Card. They emphasised the benefits of improved flexibility and control over spending, citing reductions in card management time and better security against card-related risks such as loss, theft, and cybersecurity breaches.
As one of the early adopters of this plastic-free digital corporate credit card, Melbourne Business School described the product as a positive step in modernising financial processes within the business landscape.
In October 2023, NAB collaborated with fintech company Trovata to introduce NAB Liquidity+, a cash management, analytics, and forecasting platform powered by artificial intelligence.
NAB Liquidity+ was designed to provide corporate customers with a centralised platform for their essential banking data, offering real-time visibility into their cash positions. The platform aimed to deliver dynamic cash insights and precise forecasting through AI-enabled features. The main objective of NAB's collaboration with Trovata was to simplify and expedite banking processes for customers, ensuring speed, security, and simplicity.
Recognising the challenges faced by many corporate clients' treasury and finance teams in handling extensive and fragmented data for manual reconciliation and cash flow analysis in spreadsheets, NAB aimed to provide an improved solution through NAB Liquidity+.
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