Virtual multi-currency payment cards Qorus Banking Innovation Awards 2019

As the only bank in Poland and one of the first in the world, Alior Bank offers its business clients virtual multicurrency cards that can be connected to 23 foreign currency accounts enabling the client to make payments without incurring fees for currency conversion. Banks’ offer both virtual debit and credit cards, which do not have any tangible form. The bank started offering the product in June 2019 to meet the needs of clients especially from travel and service sectors, where fast and secure online payments are key to liquidity and settling up with business partners from abroad. Issued by MasterCard and opened in bank’s system, the virtual payment cards are used to make payments only online, with individual card numbers generated by MasterCard’s Smart Data specifically for each transaction. Thanks to virtual payment cards our business clients can manage large volumes of online payments in a safe and confidential way. Moreover, they gain access to the expense management tools of MasterCard Smart Data that enable them to: • generate customizable and standardized reports on card payments • assign payment cards to the particular company department • approve payments in line with the company’s procedures • generate custom files for integration with the company’s accounting software. Main results of the projects so far are: •Increased security of client’s online payments •Elimination of plastic form •Wide range of expance management services in Smart Data tool Involved departments: Business Customer Product, Strategy, Software Development, Marketing, IT Solutions Quality (tests), Settlement (card center).