Step 1
Authorised individual logs onto the Virtual Pay portal and requests a Virtual Card Number (VCN) for a specific purchase.
Step 2
This purchase gets approved by line manager. Their approval causes VCN to be generated and sent to person requiring approval.
Step 3
The employee can then make the purchase using the VCN.
Step 4
Merchant/vendor processes transaction through 'Card not Present' process.
Step 5
Virtual Pay system validates transaction.
Step 6
Reconciliation is simplified as each purchase has corresponding purchase order (PO), invoice and receipt.
*Virtual Pay can only be used for local miscellaneous spend transactions. International miscellaneous and procurement expenditure requires exchange control approval. Contact your banker for assistance.