Standard Bank is working on a new business travel solution for its corporate cardholders and clients to help TMCs and their customers operate while easing their risk.
“Exciting things are coming,” says Thopi Mosaku, head: Commercial Card, who was speaking during a recent ABTA webinar.
“The new solution will enable TMCs to create bookings and pay with a virtual card, which will be linked to the corporate card. In this way it reduces debtor risks for TMCs where corporates take time to settle their debt.”
Thopi says because of how hard the COVID-19 pandemic has hit the travel industry, the launch date for the solution has been moved to the last quarter of 2020.
With regard to chargebacks, she says Standard Bank, as an issuer and an acquiring bank, has been working closely with its cardholders and airlines to assist with the chargeback process where flights were cancelled during the lockdown period.
Since the banking sector banks all industries, there is a connection with all the value chain participants of a customer, she says. “It is important to use these relationships to find better deals for our customers and also to assist them where possible in renegotiating terms with suppliers to ease off the financial burden.”
