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Visa in partnership with Conferma Pay unveils Visa Commercial Pay

By Pavithra R

November 24, 2020

  • USA
  • VISA
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Visa in partnership with Conferma Pay unveil Visa Commercial Pay

Visa, a leading global payments technology company, has announced a strategic partnership with global FinTech Conferma Pay, a provider of virtual payments technology, to launch Visa Commercial Pay, a suite of B2B payment solutions, aimed to help improve cash flow for businesses and eliminate outdated manual processes.

The payment landscape is undergoing drastic changes. 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 are looking for more efficient ways to pay and get paid, and businesses need immediate visibility into their company spend to efficiently improve cash flow and mitigate risk.

The new 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. The payment solution simplifies money movement between buyers and suppliers and features enhanced data, automated payment processing and expense reconciliation.

“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. 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of Visa Commercial Pay in partnership with Conferma Pay allows us to accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances,” said Kevin Phalen, global head, Visa Business Solutions. 

Visa Commercial Pay features 3 B2B payment offerings for financial institutions and their corporate customers:

  1. Visa Commercial Pay mobile app: a Visa-branded app hosts digitally-issued Visa virtual commercial cards on employee and contractors’ mobile devices. Users can better manage and track spending, and lessen the dependency on issuing and mailing physical cards. 
  2. Visa Commercial Pay Travel: A solution that integrates seamlessly into business travel reservation processes and delivers enhanced data, complete spend visibility and automated expense reconciliation.
  3. Visa Commercial Pay B2B: It provides companies with the flexibility to select the optimal solution for them, either as a single comprehensive program management platform or as an integrated solution into third party procurement platforms.

“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. 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 facing any additional development or operational complexity.

Recently, Visa launched VEEI research center to bolster economic equity & inclusivity.

Established since 1958, Visa is a global payments technology company working to enable consumers, businesses, banks, and governments to use digital currency. Its advanced global processing network, VisaNet, provides secure and reliable payments and is capable of handling more than 65,000 transaction messages a second.

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