Visa Commercial Pay Brings Virtual Card Capabilities to Clients and Partners Worldwide
Visa , the world’s leader in digital payments, and Conferma Pay, the world’s foremost provider of virtual payments technology, 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to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes.
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.