NatWest debuts B2B virtual card solution Approval2Buy in partnership with Mastercard
NatWest has introduced a new B2B mobile virtual card payment solution called Approval2Buy, powered by the mobile virtual card app of paytech giant Mastercard.
NatWest launches Approval2Buy with Mastercard
The new solution allows businesses to issue employees with virtual cards for making corporate payments both online and via digital wallets.
Cards can be generated instantly for full-time, part-time or temporary workers, and come fitted with customisable spending controls and pre-populated expense data features.
NatWest has delivered the offering using Mastercard’s virtual card and tokenisation technology which, according to its head of payments schemes and partnerships, Salim Secretary, makes the British bank “the first in the region to offer this innovative virtual card product”.
The technology is designed to enhance data security by substituting sensitive cardholder data with a virtual card number (VCN) when purchases are made. Cards are managed through the Mastercard mobile virtual card app.
The partnership comes as Mastercard continues to ramp up its interest in tokenisation.
In May, the network came together with government bond platform Libeara, Mox Bank and Standard Chartered Bank in Hong Kong to tokenise deposits for carbon credits using its multi-token network (MTN). The pilot was conducted through the fintech supervisory sandbox hosted by the Hong Kong Monetary Authority (HKMA).
This was followed by a commitment made by Mastercard in June to phase out manual card entry for e-commerce in Europe by 2030, through the utilisation of “tokenisation, streamlined guest checkout and payment passkeys”.
Mastercard later leveraged this same technology to debut its Payment Passkey Service in India over the summer.
