Following this announcement, the expansion is set to enable financial institutions to add virtual corporate cards into their employees’ digital wallets in a secure and efficient way, including third-party wallets such as Google Pay and Apple Pay. This process will enable the company to optimise convenience, safety, and flexibility for corporate clients and users.
At the same time, the product upgrade continues with a significant expansion of the Visa Commercial Pay across the Latin America and Caribbean region. Throughout this procedure, Visa will continue to focus on its commitment to deliver streamlined, secure, and efficient business-to-business (B2B) payments in a market locality known for its dynamic and diverse business landscape.
The Visa Commercial Pay was developed in partnership with Conferma Pay, a provider of virtual payment technology, in order to improve the manner in which businesses and firms manage transactions around the world. The product includes virtual card B2B payment solutions which were designed to optimise cash flow for businesses and to reduce the overall outdated manual processes.
In addition, the upgraded service is expected to provide a commercial token account for customers, with configured payment controls that will allow them to access an efficient payment experience across both Point-of-Sale (POS) and CNP payment methods. This approach is set to utilise advanced tokenisation technology in order to minimise the risk of fraud, while also providing a secure payment environment. At the same time, the service will enable businesses and firms to initiate transactions in an improved way while also optimising the overall financial agility.
According to the press release, Regions Bank will be the first financial institution that will collaborate with Visa in order to roll out the optimised digital wallet capability, aiming to provide it to its Treasury Management clients. Regions will operate in high-growth markets across the Midwest, Texas, and the Southeast, with Commercial Banking customers, while also focusing on their unique payments and cash-flow needs.
Visa will provide businesses with on-demand and secure transactions, as well as the flexibility and mobility of virtual and mobile payments. At the same time, the firm will prioritise meeting the needs, preferences, and demands of its clients, while also remaining compliant with the regulations and laws of the local markets.
Following the launch in the Asia-Pacific, Europe, Middle East, Africa, and North American regions, the company will also make the Visa Commercial Pay available for clients in Latin America and the Caribbean later in 2024.
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