Visa partners with Lloyds Bank

Thursday 28 September 2023 13:18 CET | News

Visa has partnered with UK-based retail banking company Lloyds Bank to launch a new virtual card solution for businesses of all sizes. 

As of the announcement, Visa Commercial Pay is available for Lloyds Bank customers, aiming to address businesses’ payments and purchasing issues, including controlling spend, simplifying processes, reconciling invoices, and reporting on expenditures. 

Visa has partnered with UK-based retail banking company Lloyds Bank to launch a new virtual card solution for businesses of all sizes.


The partnership’s objective

The new solution enables online purchasing by instantly issuing virtual cards. It provides employees with the option to request virtual cards for business-related purchases, subscription payments, or business travel. Whether single or multi-use, the virtual cards adopt existing approval workflows and include the business’ own unique reference fields. They enable business administrators to closely manage spending within their teams by having the option to either be issued individually or by batch.

According to officials, Visa Commercial Pay is a payment platform that aims to help businesses simplify the way they make payments. The solution’s objective is to enable Lloyds Bank to complete transactions in a secure way with the necessary approvals by budget holders. Moreover, the system may help in the reconciliation process, as the company can code it accurately and attach evidence. Configured by the Lloyds Bank Commercial Cards teams, the solution offers secure virtual cards, without the need for additional one-time passcodes, making online transactions easier to process.

Visa’s latest developments

Recently, Visa entered multiple partnerships, including one with YellowPepper and ABHI, aiming to introduce A2A payments for customers and clients in the UAE region. The companies’ objective is to improve the overall financial landscape of the region by focusing on financial inclusion and accelerating the adoption of new payment methods.

Moreover, Veem introduced the Visa virtual card to expand its real-time payment capabilities. Issued by Pathward, the fee-free virtual card allows customers to receive payments and make purchases worldwide. It aims to enable businesses to manage their spending by transforming incoming payments into cards that can be used anywhere Visa is accepted. 

About Lloyds Bank

Lloyds Bank provides financial services to businesses of all sizes, including SMEs, corporations, and multinational entities, with a network of relationship teams across the UK to offer tailored support. The company’s offerings include working capital and cash management services, international treasury and risk management services, trade import and export trade finance, structures and asset finance, and capital market funding.

In September 2023, Lloyds Bank partnered with Fiserv to offer wholesale foreign exchange (FX) rates to UK and European merchants for dynamic currency conversion (DCC) on card transactions. Through this, the two companies want to enhance transparency and offer consumers greater control over their purchase costs.

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Keywords: partnership, virtual card, online payments, financial services, product launch, online security, payment methods
Categories: Payments & Commerce
Companies: Lloyds Bank, Visa
Countries: United Kingdom
This article is part of category

Payments & Commerce

Lloyds Bank



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