Customised to meet the needs of small and medium-sized enterprises (SMEs) in Canada, the Loop Global Visa Card intends to support businesses in managing cross-border purchasing. The tool comes as one of the first corporate credit card solutions for Canadian organisations, allowing them to spend and settle credit balances in several currencies. In addition, Loop’s decision to launch can be attributed to the expansion in cross-border trade in Canada, with the company’s solution aiming to allow businesses to manage payments across multiple currencies while also having the ability to make local settlements.
The introduction of the Loop Global Visa Card follows Loop’s partnership with J.P. Morgan payments from June 2024, when the two organisations joined forces to improve financial operations across the shipping industry. The collaboration focused on optimising accessibility and profitability for shippers, carriers, and third-party logistics providers by scaling working capital via simplified freight payments. Combining Loop’s logistics-AI solution with J.P. Morgan Payments’ capabilities was intended to foster solidified relationships between carriers and shippers based on speed, transparency, and trust.
By launching the Loop Global Visa Card, Loop aims to support Canadian businesses engaged in international trade in further expanding and augmenting their operations. Representatives from the company commented on the announcement, mentioning that the card intends to improve the process for finance teams which manage transactions across multiple currencies, enabling businesses to conduct their operations more efficiently in the current global marketplace.
Among the capabilities of the new card, Loop underlines:
Multi-currency settlement, allowing businesses to manage purchasing in CAD, USD, EUR, and GBP and leverage the same local currency to settlement statement balances;
Improved conversion, with customers being able to use Loop’s FX rates to automatically convert from their balances to the currency settlement. This reduces the cost of transacting internationally;
Custom spend controls, with companies being able to issue physical or virtual cards and control each of them by developing limits for total or recurring spending;
Employee misuse safeguarding;
No annual fees imposed on businesses that apply and are approved for the Loop Global Visa Card;
Configurable expense management, including customisable approval flows and integrated digital receipt capture by SMS or email;
Integrated platform, with the card being built into Loop’s financial platform, merging it with the capabilities of the company’s treasury management, FX management, and FX and global payment solutions.
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