SAN FRANCISCO & MANCHESTER, England (STL.News) Visa (NYSE:V), the world’s leader in digital payments, and Conferma Pay, the world’s foremost provider of virtual payments technology, today announced a strategic partnership to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cash-flow for businesses and eliminate outdated manual processes.
Virtual commercial cards have never been more necessary than today. Remote workers are turning to personal cards to pay for corporate expenses, buyers and suppliers need more efficient ways to pay and get paid, and businesses need immediate visibility into their company spend to improve cash flow and mitigate risk efficiently. Visa Commercial Pay provides comprehensive card-program management capabilities, including on-demand virtual card issuance to employees’ mobile devices via an app, created exclusively by Conferma Pay and Visa, for Visa’s commercial clients. Visa Commercial Pay also simplifies money movement between buyers and suppliers, and features enhanced data, automated payment processing and expense reconciliation.
With virtual commercial cards at its core, Visa Commercial Pay features three B2B payment offerings for financial institutions and their corporate customers, including Visa Commercial Pay Mobile app, Visa Commercial Pay Travel and Visa Commercial Pay B2B.
“Businesses are turning to Visa and our clients with a great sense of urgency to help them solve payment inefficiencies that the pandemic has quickly exposed,” said Kevin Phalen, global head, Visa Business Solutions. “The launch of Visa Commercial Pay in partnership with Conferma Pay allows us to accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances.”
“With a new economic environment, the controls to decentralize payments have to be put in place and with employees working from home, the ability to monitor, reconcile and approve spend becomes far more difficult,” said Simon Barker, CEO at Conferma Pay. “With the Visa Commercial Pay initiative, we are excited to partner with Visa and help businesses gain greater visibility and control over B2B spend whilst drastically improving the payment experience for buyers, suppliers, company contractors and employees.”
Visa’s commercial clients can leverage the Visa Commercial Pay suite of solutions across multiple commercial-spend use cases, without any additional development or operational complexity that often comes with launching new capabilities. Financial institutions can now use Visa’s new set of flexible virtual-card capabilities in their entirety or a la carte, in order to quickly meet their clients’ needs.