Visa has collaborated with fintech firm Conferma Pay to introduce a B2B virtual payment solutions suite to enhance cash flow for businesses.
Called Visa Commercial Pay, the new offering aims to support Visa’s commercial clients with card-programme management capabilities such as on-demand virtual card issuance to the mobile devices of employees through an app.
The new proposition also facilitates automated payment processing and expense reconciliation, noted Visa.
It includes three tools – Visa Commercial Pay Mobile app, Visa Commercial Pay Travel and Visa Commercial Pay B2B.
Conferma Pay collaborated with Visa in May this year to integrate virtual cards in the Conferma Pay app.
Commenting on the development, Conferma Pay Simon Barker CEO said: “With a new economic environment, the controls to decentralise 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.
“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 Commercial Pay Mobile allows travellers and contractors to load digitally-issued Visa virtual cards onto their mobile devices and use them for online purchases or in-store payments.
Visa Commercial Pay Travel integrates into business travel reservation processes and allows businesses to centrally manage their business travel spend including air and hotel.
Visa Commercial Pay B2B integrates the capabilities of Visa and Conferma Pay, expanding options for buyers and suppliers to pay and get paid.
Visa Business Solutions global head Kevin Phalen said: “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of Visa Commercial Pay in partnership with Conferma Pay allows us to accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances.”