The two companies have launched a strategy to support critical growth in the B2B segment. Visa has also made a strategic investment in Billtrust. The two companies will present their solution at Money20/20 in Las Vegas.
Corporate virtual credit cards that provide a unique 16-digit virtual account number for each payment have proven to be a better solution over paper-based payment options such as checks. However, the process for accepting and processing virtual card payments has increased manual data entry and reconciliation challenges for accounts receivable departments.
Visa and Billtrust are partnering to integrate Visa’s Straight Through Processing (STP) capabilities with Billtrust’s Virtual Card Capture solution to simplify receipt and reconciliation of B2B payments and bring automation to accounts receivable function.
Visa’s STP solution enables a participating issuer’s buyer to initiate a Visa commercial credit transaction directly from their accounting solution. With Billtrust’s Virtual Card Capture, payments sent to Billtrust suppliers are routed to Billtrust for processing and the funds are deposited into a suppliers bank account on the next business day. Further, the remittance is consolidated across all payment sources and matched to corresponding open invoices.
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