PCM Vol.2 - Issue 4
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Because VCNs can only be used for a<br />
specified purpose and have randomly<br />
generated number, if it falls into the<br />
wrong hands, it is useless. Using VCNs<br />
to pay your suppliers means that they<br />
don’t have any payment information of<br />
yours on record and, if they have a data<br />
breach, your payment information will<br />
remain safe.<br />
Controlling the management of<br />
expenses is another area where VCNs<br />
can add significant value. Because VCNs<br />
are for specified purposes, time frames<br />
and amounts, they cannot be misused.<br />
For example, setting the date range in<br />
which the VCN can be charged, means<br />
that employees no longer need to use<br />
their personal cards. This eliminates the<br />
practice of expense claiming causing<br />
cash flow irregularities. Moreover, VCNs<br />
immediately do away with the risk of<br />
employees filing incorrect expenses<br />
claims.<br />
.<br />
VCNs and efficiencies<br />
Managing expenses is time and costconsuming.<br />
There are receipts to be<br />
collated, forms to be filled out, checked,<br />
counter-checked and signed, payments<br />
to be approved and cost-centres to be<br />
reconciled against.<br />
All of these cost money but, with VCNs<br />
they needn’t as they are all done<br />
automatically. The VCN eliminates<br />
the need for expenses to be paid to<br />
employees as everything is paid for with<br />
the VCN.<br />
It takes away a labour intensive process<br />
and replaces it with a fully automated<br />
process. And that is always good for<br />
those profit margins.<br />
Digital economy<br />
Just about every aspect of our personal<br />
and banking lives is handled digitally<br />
now and we are all reaping the benefit<br />
of simple, secure and speedy finance.<br />
Yet, so far, expense management is<br />
lagging far behind.<br />
With the VCN the whole process is<br />
digitised and the time consuming paper<br />
handling becomes a thing of the past.<br />
Conclusion<br />
The VCN is a FinTech innovation that<br />
empowers business payment and<br />
solves problems identified by business<br />
leaders as having a significant impact on<br />
their companies.<br />
We believe that it is set to revolutionise<br />
payments in 2016 and beyond, bringing<br />
much needed security, automation and<br />
simplicity to corporate expenses at a<br />
time when this has never been more<br />
vital.<br />
Simon Barker<br />
Co-founder and Chief Executive, Conferma.<br />
Prior to establishing Conferma in 2004, Simon accumulated vast<br />
experience of the business travel industry during 18 years as Managing<br />
Director of NIS Travel Management Solutions.<br />
Simon’s industry experience spans many disciplines and his particular<br />
interests lie in emerging technologies, settlement and distribution.<br />
In addition to the travel industry, Simon has interests in a number of<br />
privately owned Leisure and Property businesses.<br />
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