Lloyds Bank is partnering with SAP-owned working capital management FinTech provider Taulia to issue Visa-enabled virtual cards for businesses.
Through the partnership, Lloyds will extend credit to companies who have purchased the Taulia Virtual Cards solution, allowing them to issue virtual cards to suppliers worldwide.
The partnership said that the cards can be embedded across a range of solutions available with SAP Business Suite.
The virtual cards can be integrated into non-financial platforms and applications, with Taulia using Visa’s APIs to embed Visa virtual payment credentials, acceptance solutions and supplier enablement services directly into the end-user’s business and enterprise resource planning (ERP) applications.
“We are passionate about helping businesses unlock new value streams and our clients are fast recognising the efficiency and financial benefits of deploying virtual cards for supplier payments," said Linda Weston, head of commercial cards, Lloyds.
She went on to say that the partnership will make it easier for the bank's business customers to adopt virtual payments, with the move enabling "truly embedded B2B payments processes" in the SAP tech ecosystem.
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