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News

Visa and Conferma Pay to expand Visa Commercial Pay

Friday 11 August 2023 10:51 CET | News

Visa has announced an extension of its collaboration with Conferma Pay, a virtual payments provider, to expand Visa Commercial Pay.


Visa Commercial Pay is a comprehensive suite of B2B payment solutions to help improve cash flow for businesses and minimise manual processes. It leverages virtual commercial cards and encompasses three B2B payment offerings for financial institutions and their corporate customers. These include Visa Commercial Pay Mobile app, Visa Commercial Pay Travel and Visa Commercial Pay B2B. Having launched in 2020, the suite has aimed to help the corporate world transition from traditional business payment methods to more automated workflow.

Visa Commercial Pay has been implemented among select clients, including early adopters such as Commerce Bank, OCBC, and Umpqua Bank. This offering aims to enable financial institutions to deliver on their corporate customers’ virtual payments strategy and help drive innovation with connectivity to invoice management platforms, all through one connection. Therefore, this process can improve cash flow and eliminate manual processes.

A four-year extension secures additional investment to further develop the suite of B2B payment solutions. Moreover, this extended collaboration enables both organisations to further expand the service in Asia, Latin America, and the Middle East, aiming to make virtual commercial payments more widely available. A main aspect of Visa Commercial Pay lies in its security, compliance, and control, being able to reduce the risk of fraud on behalf of its corporate clients.

Visa has announced an extension of its collaboration with Conferma Pay, a virtual payments provider, to expand Visa Commercial Pay.

A key advancement within Visa Commercial Pay, aimed at enhancing digital payments in the travel sector, is the ability for virtual corporate cards to be added directly to a digital wallet on an employee’s mobile phone. This enables corporates to centrally manage payments while also giving employees all the benefits and security of card-in-hand products. Therefore, this solution can improve the travel experience for all parties by accessing contactless payments without the need to have details cross-checked at hotel arrival.

New issuing partners gain instant access to the network of platforms already connected to Visa Commercial Pay. This means that Visa’s commercial clients are able to use the suite of solutions across multiple commercial-spend use cases, without any additional development or operational complexity that often comes with launching new capabilities.

 

More about Visa and Conferma Pay 

Conferma Pay is a provider of virtual payments technology that aims to combine innovation along with expertise to understand what can be achieved in the world of virtualised business payments. In the travel industry, Conferma Pay connects issuers to various travel management companies, global distribution systems, and online booking tools. The company is fully integrated with all major card schemes and serves over 75 banking partners that issue Conferma Pay generated virtual cards in over 50 countries.


In March 2023, the company partnered with Boost Payment Solutions to accelerate virtual cards for B2B payments. The partnership aimed to enhance B2B payments by replacing traditional systems with a secure, digitised, and automated ecosystem capable of handling high-volume virtual payments. The collaboration would also allow businesses to manage all of their payments through virtual card-based solutions, where they can manage all of their outgoing payments in a secure digital environment with risk-free data sharing.

Visa is a digital payments provider that facilitates transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. The company’s mission is to connect the world through innovative, convenient, reliable as well as secure payments network, enabling individuals, businesses, and economies to grow.

 


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Keywords: partnership, paytech, fintech, payments , digitalisation
Categories: Payments & Commerce
Companies: Conferma Pay, Visa
Countries: World
This article is part of category

Payments & Commerce

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Conferma Pay

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Visa

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