Visa 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to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes.
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.”
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
