Visa, a specialist in digital payments, and Conferma Pay, a provider of virtual payments technology, has 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to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes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 they are today. Remote workers turn to personal cards to pay corporate expenses, buyers and suppliers need more efficient means to pay and get paid, and businesses need immediate visibility in their company’s spending to improve cash flow and reduce risk effectively.
Visa Commercial Pay provides comprehensive card 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 the movement of money between buyers and suppliers, with enhanced data, automated payment processing and cost reconciliation.
Visa Commercial Pay features three B2B payment offerings for financial institutions and their corporate clients, including Visa Commercial Pay Mobile, Visa Commercial Pay Travel and Visa Commercial Pay B2B, with virtual commercial cards at its core.
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 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,” 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.”
