Mastercard is launching a new programme to accelerate the adoption of embedded virtual card number (VCN) technology in commercial payments.

From Tuesday, Mastercard said that banks using its embedded VCN technology can enable platform partners that have signed up to the initiative to offer “consumer-like experiences” in commercial payments.

Embedded VCN technology generates unique card numbers for each transaction or for a specific company with the aim of providing a seamless payment experience within the corporate environment.

VCNs are created dynamically for each transaction, with the aim of increasing security and preventing online fraud.

VCNs can also be set for a single use and for a short period of time, with users also able to assign specific spending limits and expiry dates to each number.

Mastercard explained that by integrating VCN technology into systems already in use by businesses, corporates can use it within the tools they already use daily, such as their enterprise resource planning (ERP) partner, therefore reducing the number of clicks required to complete everyday tasks such as paying bills or other expenses.

With the initiative, participating banks and platform partners will no longer have to deal directly with each other, streamlining the onboarding processes, it said.

Other platform partners include working capital providers, expense management tools, meeting and event technology providers, and hotel booking platforms.

The move comes as corporate employees increasingly expect a consumer-like payment experiences, which they are used to when making payments in their daily lives.

Mastercard's VCN platform has been working to streamline business workflows for 10 years, collaborating with various platforms, including ERP systems, working capital providers and expense management tools, to deliver VCN-based innovations that automate business end-user workflows.

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