22 January, 2020
Sydney, Australia — Troovo Technologies, the world’s only fully robotic engine for B2B payment processing, today 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, to accelerate the usage of virtual card payments.
In the last several years, the travel industry has increased its adoption of next-generation payment technologies such as virtual cards to provide greater control and data visibility, as well as security and consistency of payments between travellers and their suppliers. However, the approach to integrating systems, processing virtual cards and delivering the data output to date has often been reliant on manual system interventions and complex, often expensive integrations.
With In Control for Business Travel enabled with Troovo’s RPA capabilities, travel agents will be able to offer virtual payment capabilities with minimal implementation effort, and with no impact on an a travel consultant’s workflow of completing a travel reservation for a corporate client. As an added benefit from the partnership, there is absolutely no cost for using Troovo as implementation and card generation charges are covered via the issuing bank’s ICBT license.
“Mastercard In Control has been leading the virtual card market for over a decade, and we are excited to partner with Troovo to further streamline the use of virtual payments for travel,” said Jeff Feuerstein, Senior Vice President, Product Management Commercial Products, Mastercard. “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. 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’s Co-Founder and CEO Kurt Knackstedt agrees. “Virtual payment provides a significant security and data visibility advantage over static or fixed-card solutions, however the process to actually deploy card processing within an operational workflow has been previously 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. We are thrilled to work with Mastercard’s industry-leading solutions to help make virtual payment the best practice for travel payments globally.”
Troovo makes travel and payment transaction processing entirely virtual with Robotic Process Automation (RPA). Troovo’s patented (US patent number 10,528,895) RPA software replicates the time-consuming and error-prone work a person would normally have to do, taking away the laborious task of data entry and grunt work of processing travel and payment transactions. It enables greater productivity and higher profitability for Troovo’s customers and helps ensure that our technology pays for itself rather than adding more cost to a company’s operations. Troovo’s customer base include travel agencies and travel providers, enterprise platforms, financial institutions, fintechs, and corporate procurement departments. Troovo is a completely cloud-based, SaaS platform, and is an Australian company with offices in Sydney and Melbourne.