Technology

Troovo banks deal with Mastercard

Troovo Technologies has announced a global partnership with Mastercard to provide a new virtual card automation solution for In Control for Business Travel (ICBT).

Troovo has integrated its robotic process automation (RPA) platform with ICBT, providing a completely virtual and touch-free solution for Mastercard In Control corporate customers, travel intermediaries and the issuing banks who offer these virtual card options.

With In Control for Business Travel enabled with Troovo’s RPA capabilities, agents will be able to offer virtual payment capabilities with minimal implementation effort and with no impact on their workflow of completing a travel reservation for a corporate client.

As an added benefit for agents, there is absolutely no cost for using Troovo, as implementation and card generation charges are covered via the issuing bank’s ICBT license.

Mastercard’s senior vice president of product management for commercial products, Jeff Feuerstein, said the company was excited to partner with Troovo to further streamline the use of virtual payments for travel.

“Troovo’s innovative use of RPA along with easy-to-leverage API connectivity opens up any travel channel to virtual payments quickly, easily and invisibly with no manual intervention required,” he said.

“This clever technology will provide Mastercard issuers with the ability to drive significant new volumes with their travel partners and corporate travellers, and usher in a new level of benefits for virtual payment issuers and their customers.”

Troovo co-founder and CEO Kurt Knackstedt said virtual payment provides a significant security and data visibility advantage over static or fixed-card solutions.

However, he noted that the process to actually deploy card processing within an operational workflow has previously been limited to “manual or clunky methods and expensive integrations”.

“Troovo eliminates inefficiencies while at the same time providing a whole new level of security, data richness and ease of use through RPA,” he said.

“We are thrilled to work with Mastercard’s industry-leading solutions to help make virtual payment the best practice for travel payments globally.”

Earlier this month, Troovo announced it had been granted a US patent for its virtual travel payment offering.

Image: iStock/istanbulimage

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