Visa and Conferma Pay, a provider of virtual payments technology, have announced a strategic partnership to launch Visa Commercial Pay - a suite of streamlined B2B payment solutions.

Virtual commercial cards have never been more necessary, say the partners. With remote workers currently 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 card programme management capabilities, including on-demand virtual card issuance to employees’ mobile devices via an app. Visa Commercial Pay also simplifies money movement between buyers and suppliers and features automated payment processing and expense reconciliation.

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 hosts digitally-issued Visa virtual commercial cards on employee and contractor mobile devices.

Visa Commercial Pay Travel enables businesses to centrally manage their business travel spend, such as air travel and hotel expenses, integrating into business travel reservation processes. Staff using the Visa Commercial Pay Mobile app are able to view their reservations and total spend within the app.

Visa Commercial Pay B2B provides a range of features to help companies better manage cash flow and capture enhanced data for reconciliation and reporting capabilities, providing the flexibility for firms to select the optimal solution for them - either a single comprehensive management platform program 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 of Visa Business Solutions. “The launch of Visa Commercial Pay allows us to accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances.”

Simon Barker, chief executive of Conferma Pay, said: “We are partnering with Visa to help businesses gain greater visibility and control over B2B spend whilst drastically improving the payment experience for buyers, suppliers, company contractors and employees.”

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