Visa has launched a new platform designed to boost commercial payments with the latest innovations, including AI.

Following a pilot phase, Visa Commercial Solutions (VCS) Hub is now available to the public, with the company planning to continue improving it by placing AI at the heart of its transformation.

Key features will include next-generation AI capabilities, such as AI-powered payments to automate supplier payments, optimise cash flow and reduce manual bottlenecks.

VCS Hub will also integrate payment capabilities into business applications, including accounting, ERP or custom workflows, using Visa's open APIs and intelligent orchestration.

GenAI analytics will also be implemented in the technology to provide actionable insights, predict trends and improve real-time decision-making for businesses.

Visa said that the user experience can also be personalised with AI, including personalised recommendations, alerts and guidance on next steps in order to boost growth and efficiency for businesses.

Visa added that the new platform will enable issuers and FinTechs to provide better commercial payments capabilities and improved financial experiences by consolidating fragmented systems into a single AI-powered ecosystem.

For existing users, the platform offers an end-to-end payables solution, enabling full invoice and supplier payments, while also supporting flexible payments.

Gloria Colgan, senior vice president and global head of product, Visa Commercial Solutions said the platform aims to “re-invent commercial payments.”

“With genAI at the heart of the VCS Hub, we’re giving our partners the tools to amaze their clients, unlock new revenue streams and shape the future of money movement,” she added.

The move comes as the payments giant continues to harness AI to transform the payments ecosystem.

In April, the payment provider rolled out a new AI platform to improve fraud prevention.

The ARIC Risk Hub is designed to help protect banks, acquirers and financial institutions against a range of different types of financial crime.

The platform is powered by Featurespace, which Visa acquired in September last year, and uses AI to build profiles around genuine customer activity which the company said maximises approvals and stops bad actors in real time. .

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