Visa and Conferma Pay, a virtual payments technology provider, have extended their strategic collaboration to enhance Visa Commercial Pay, a suite of B2B payment solutions.
This partnership aims to improve cash flow for businesses and eliminate outdated manual processes. With virtual commercial cards at its core, Visa Commercial Pay features three B2B payment offerings for financial institutions and their corporate customers, including the Visa Commercial Pay Mobile app, Visa Commercial Pay Travel and Visa Commercial Pay B2B.
Visa Commercial Pay has been rolled out to select clients, including early adopters such as Emirates Bank, OCBC, PNC, Umpqua Bank, and Wells Fargo. The offering helps financial institutions to deliver their corporate customers’ virtual payments strategy. It continues to drive innovation with connectivity to market-leading invoice management platforms all through a single connection. This process improves cash flow for businesses and eliminates outdated manual processes.
“The pandemic exposed significant inefficiencies with traditional payment methods used by businesses,” said Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions. “Our collaboration with Conferma Pay brings together two leaders in their respective fields, resulting in a far more efficient payment system. With our collaboration set to continue, more clients and end users will be able to take advantage of new features such as digital wallet tokenisation and hotel cards.”
A key feature within Visa Commercial Pay is the ability for virtual corporate cards to be added directly to a digital wallet on an employee’s mobile phone. This enables corporates to centrally manage payments while giving employees all the benefits and security of card-in-hand products.
“The world has been increasingly moving towards more digitised payments, and the launch of Visa Commercial Pay has supported this transition in the commercial payments environment. Our deeper engagement with Visa will help to accelerate the growth of virtual payments for businesses rapidly,” said Jason Lalor, CEO of Conferma Pay.
