Following this announcement, companies that process payments for hotel and airline bookings, including travel agencies, tour operators, and other businesses in the sector, will be given the opportunity to take advantage of the benefits offered by VCN cards. This process will also eliminate common pain points such as fraud, lack of traceability, and limited expense control.
In addition, the VCN represents a digital payment card generated temporarily for specific transactions. It operates as a virtual card that allows predefined expiration dates, spending limits, as well as other usage restrictions. As a result, the product aims to reduce the risk of fraud and misuse while also providing an extra layer of protection against cyberattacks and data breaches.
As corporate travel transactions face the challenge of controlling and linking expenses to the respective travelers, the process compromises traceability and makes the financial reconciliation procedure slower and more complex. At the same time, companies in the travel sector also reported significant financial losses as a result of fraud, as Brazil continues to see high rates of fraud driven by the growth of ecommerce and increasingly sophisticated attack methods.
According to the official press release, the newly launched solution can be directly integrated by travel agencies and tour operators via API, as well as giving them full autonomy in order to issue VCNs and manage expenses through the platform. This process aims to provide optimised speed and accuracy in the reconciliation strategy.
In addition to improving corporate payments, Jeeves will offer unlimited rebate (cashback) in order to enable companies to earn financial returns on their expenses and optimise cash flow management. Jeeves will provide a simple API integration procedure, allowing firms to issue multiple VCNs autonomously and quickly. Furthermore, the institution will also offer a specialised team to support the entire integration procedure for an efficient and secure rollout.
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