Visa Commercial Pay Brings Virtual Card Capabilities to Clients and Partners Worldwide
23 November 2020 - 11:15PM
Business Wire
In collaboration with Conferma Pay, Visa helps
businesses quickly digitize B2B payments
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
cashflow for businesses and eliminate outdated manual
processes.
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the full release here:
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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.
- Visa Commercial Pay Mobile: a Visa-branded app,
developed exclusively by Conferma Pay and Visa for Visa’s
commercial clients, will host digitally-issued Visa virtual
commercial cards on employee and contractors’ mobile devices. The
app brings businesses enhanced tools and features, helping them
better manage and track spend, and lessen the dependency on issuing
and mailing physical cards. It gives employees the convenience of
using on-demand, virtual Visa cards to facilitate their business
purchases, whether online purchases or in-store tap to pay
capabilities through seamless integration into mobile wallets.
- Visa Commercial Pay Travel: a solution that enables
businesses to centrally manage their business travel spend, such as
air and hotel. The solution seamlessly integrates into business
travel reservation processes and delivers enhanced data, full spend
visibility and automated expense reconciliation. Employees and
contractors who also use the Visa Commercial Pay Mobile app are
able to view their reservations and total spend within the
app.
- Visa Commercial Pay B2B: a platform that combines the
capabilities of Visa and Conferma Pay, to give buyers and suppliers
more options to pay and get paid. It provides a range of features
to help companies better manage cash flow and capture enhanced data
for reconciliation and reporting capabilities. Visa Commercial Pay
B2B provides the flexibility for companies to select the optimal
solution for them, either a single comprehensive program management
platform or a seamlessly-integrated solution into third party
procurement platforms.
“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.
For more information about Visa Commercial Pay, please email
VisaCommercialPay@visa.com.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
About Conferma Pay
Conferma Pay, is the world’s foremost provider of virtual
payments technology. Founded in 2005, Conferma Pay combines
innovation and expertise to push the boundaries of what can be
achieved in the world of virtualized business payments. In the
travel space, Conferma Pay connects issuers to more than 700 travel
management companies, all three the major global distribution
systems and more than 100 online booking tools. Conferma Pay is
fully integrated with all the major card schemes and serves 50
banking partners, who have issued Conferma Pay-generated virtual
cards in 96 currencies. www.confermapay.com
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Aida Hadzibegovic ahadzibe@visa.com 415-805-4242
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