SINGAPORE, Jan. 5, 2023 /PRNewswire/ -- Global Fintech SUNRATE has partnered with Visa, a world leader in digital payments, to launch virtual corporate cards as part of its plans to bolster its online travel solution. SUNRATE's travel stakeholders can now have another seamless and efficient option when making payments to their own partners, such as airlines and hotels, on virtual corporate cards. Towards the end of last year, SUNRATE also announced a strategic partnership with the global digital travel platform, Agoda. In 2021, SUNRATE became a principal member of the Visa network.
Revolutionising travel payments with virtual corporate cards
SUNRATE believes that the issuance of virtual corporate cards is revolutionising travel payments. For example, any online travel agency can now easily set spend limits, define usage, and choose the vendor using a virtual card. SUNRATE's travel partners have entire control over how spending are allocated and tracked. One major feature of the virtual card is security. Technology, such as application programming interfaces (APIs) has eliminated the possibility of card information being abused when given, by providing a limited window of use for a single card. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1.
"The launch of Visa virtual corporate cards is a monumental step for SUNRATE as we cement our leadership as a one-stop B2B payment partner, especially for the travel industry. Since our partnership announcement with Agoda, we have worked with many other travel stakeholders, including other OTAs and we take pride in being able to solve their overall business needs. The Visa virtual corporate card will be a key solution for our customers and beyond" said Shawn Qin, Head of Card Business, SUNRATE.
Chavi Jafa, Vice President for Visa Business Solutions, Asia Pacific said, "Our partnership with SUNRATE is very timely given the recovery of business and leisure travel around the world. Visa is supporting fintechs like SUNRATE to introduce innovative solutions that make it easier for businesses to manage their spending and make business-to-business payments securely and seamlessly."
SUNRATE is the intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, we are recognised as a leading solutions provider and have enabled companies in 130+ companies with our cutting-edge proprietary platform, extensive global network, and robust APIs to scale both local and global growth.
With its global headquarters in Singapore and offices in China, Indonesia, Japan and UK, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and is the principal member of both Mastercard and Visa. We are licensed and regulated by the Financial Conduct Authority of the UK, the Bank Indonesia, the Hong Kong Customs as a Money Service Operator, and the Monetary Authority of Singapore as a Major Payment Institution.