BARCLAYCARD PRECISIONPAY

Barclaycard PrecisionPay £2 billion and going strong

A unique card number for every situation

Barclaycard Precisionpay is a white-labelled offering of WebPay, Conferma's online payment portal. Equipped with unique Virtual Card Number (VCN) technology, Precisionpay is designed primarily to enhance and automate B2B payment processes whilst delivering precise reconciliation. The solution is fully hosted by Conferma who are responsible for the software and hardware. Accredited with PCI Level 1 compliance, Conferma ensures that Barclaycard's Precisionpay customers can deploy VCNs in a payment environment of the highest security.

The main challenges presented by the traditional B2B payment models such as BACS, cheques and plastic corporate cards revolved around reconciliation. Manually matching statements to purchase orders was not only time-consuming and onerous on resource but also a paper-based process prone to human error. Customers expressed their desire for a more complete overview of their corporate expenditure and to avoid losing out on rebates. There were also security concerns around issuing physical payment cards with high credit limits and no formal spend authorisation process, especially for employees who use corporate cards infrequently.

Conferma worked closely with Barclaycard to provide the technology for a VCN solution solving the issues identified above. A number of enhancements were developed for WebPay, to support Barclaycard's requirements, including:

  • Ability for WebPay™ to support multiple user roles, including a hierarchical approval structure
  • Support for an approval process, allowing varied levels of card amount authorisations
  • Technical integration into Barclaycard's technology processor, allowing real-time credit limit and payment date restrictions
  • Design and development of a batch file card deployment process
  • Updates to WebPay, and SNAP, Conferma's reporting tool, to clearly represent the Barclaycard brand, including site design and Barclaycard virtual card number images

Precisionpay is currently in use across a number of sectors including insurance, travel, motorsport and manufacturing. In 2012 it was voted the Best Payment Systems Initiative at the Banking Technology Awards and was a finalist at the Card and Payments Awards 2013 for Best Alternative Payments Programme.

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Consequently, Precisionpay has enabled Barclaycard's customers to make faster supplier payments, whilst automatic and a virtually 100% accurate reconciliation has resulted in significant savings of up to 55% for corporate accounts payable departments.*

Furthermore, Precisionpay's robust spend approval process offers greater security, whilst delivering simple, automated reconciliation with improved efficiency, as well as replacing all paper statements with online processes.

The Customer

A large insurance company based in the UK uses Precisionpay to deploy Barclaycard accounts to pay automotive garages following accidents involving a customer's vehicle. Historically the insurance company would pay the garages via BACS, which involved manually reconciling against the monthly paper statement.

Today, following an accident a garage in the vicinity retrieves the vehicle and stores it overnight. On the following day, a transporter then picks up the vehicle from the garage on behalf of the insurance company.

The insurance company generates a single use VCN in Precisionpay before submitting internal references associated to the payment for reporting purposes. The necessary payment restrictions such as the spend amount and payment validity dates are applied and the VCN is communicated to the garage who process it as a Card Not Present (CNP) transaction as payment for the recovery and overnight storage of the vehicle. Once the VCN has been charged, the transaction data flows through to Conferma, who automatically match it to the internal references when the VCN was issued.

Using Conferma's automated hand-off process, the insurance company receives a daily feed directly from Conferma that is automatically imported into its ERP system, associating the exact expenditure to the relevant insurance claim.

Consequently, the insurance company automatically receives a comprehensive daily overview of expenditure without any of the lengthy and labour-intensive processes previously involved with manual reconciliation.

*Figure from the Barclaycard Precisionpay website