Following this announcement, the new solution is set to automate virtual card payments for suppliers in order to deliver an improved payment experience for merchants and traders.
Visa AR Manager was designed to further expand the offerings and capabilities of the company and to optimise the overall commercial B2B community. Furthermore, it will also focus on automating the virtual card transaction process by retrieving card account details, which initiates the authorisation and clearing steps on the supplier’s behalf. This is set to provide timely reconciliation data in order to close out invoices in the supplier’s Enterprise Resource Planning (ERP) system.
The product is set to be available for pilot customers and clients onboarding at the beginning of November, with the plan to expand more broadly into the new year. Moreover, Visa AR Manager is set to supplement the strategic partnerships that the company has in place in order to continue the process of improving merchant friction with commercial payment acceptance.
Global digital payments provider that facilitates transactions and payments between merchants, customers, businesses, financial institutions, and government entities, Visa had multiple partnerships and product launches in the last couple of months, covering several different geographic areas across the globe.
In October 2023, Turkish ecommerce platform Hepsipay announced its collaboration with Visa in order to make its prepaid cards available for customers around the world for all purchases. Throughout this strategic deal, the firms entered a five-year agreement, aiming to ensure that the digital prepaid cards of the Hepsipay clients and users are accepted all around the globe, for both physical and online purchases and payments. Furthermore, the cards were set to be accepted at any point of sale outside the Hepsiburada platform as well.
In addition, users and cardholders were given the possibility to design their digital cards with a Visa logo in a secure and efficient manner, after logging into their Hepsipay accounts through the Hepsiburada solution.
Earlier in the same month, the firm announced its partnership with Philippines-based super app GCash in order to drive financial inclusion in the area. According to previous reports released at the time, the launch of the new service was expected to boost financial inclusion in the Philippines by offering the unbanked population access to multiple benefits associated with owning a card.
The GCash Card was addressed to Filipinos who don’t normally pay with cards, both online and in physical stores, as well as the ones that are directed to the segment of the population with no bank accounts, nor the documents typically needed to apply for a card. The demographic group encompassed a wide array of people with informal sources of income.
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