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to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes.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.
“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. 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.
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.