ANZ lets businesses create single-use virtual credit cards

ANZ Banking Group’s institutional customers can now pay for travel or e-commerce purchases, or settle supplier invoices, with single-use virtual credit cards.

Virtual numbers are generated via an online portal, and "customers can restrict the use of this card to a single transaction and limit the date range, dollar value, and vendor," ANZ said.

The new service is being released in partnership with Visa and payments technology provider Conferma, which provides the technology for the portal.

Institutional customers are the first to access the product with ANZ to assess how the virtual card is received before potentially expanding availability and use.

Users of the virtual card become ‘administrators’ of the portal, allowing them to distribute a single-use card to their employees, or to create cards to pay suppliers.

Administrators can approve staff access to the portal, allowing them to generate their own card for business-related purposes.

Further features including a mobile capability are expected to roll out next year.

ANZ's managing director of transaction banking Lisa Vasic said the single-use card gave businesses "more control and security over cashflow, automates reconciliation and reduces the risk of fraud."