Visa has teamed up with Australian fintech start-up Airwallex to roll out borderless card-based payment solution for businesses.

Dubbed Airwallex Borderless Card, the new B2B cross-border payments solution will initially be launched in Australia.

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The partners plan to introduce the new borderless card offering in the UK and Hong Kong later this year.

Businesses on Airwallex will be able to instantaneously create a multi-currency virtual Visa payment account to make payments to suppliers.

To make cross-border payments seamless for businesses, the virtual payment accounts are linked directly to Airwallex’ foreign currency accounts.

The transactions will be funded as and when they are executed, the companies said.

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The new offering allows businesses to set transaction limits, including currency and merchant types.

This will give businesses greater control and visibility over the payment.

Visa regional president for Asia Pacific Chris Clark said: “By leveraging our network and scale, businesses on the Airwallex platform can now make payments to any merchant that accepts Visa.”

Airwallex CEO and co-founder Jack Zhang said: “This partnership with Visa takes us to a new level, where we can now offer businesses an end-to-end financial services solution.”

Visa and Airwallex intend to allow businesses to issue staff individual multi-currency Visa corporate cards in the future.

Last year, Visa’s commercial card solutions generated over $1 trillion in payment volume.

Recently, Visa invested in B2B payments firm Currencycloud as part of its Series E financing round.