Visa and Conferma Pay Collaborate To Increase Expansion of Visa Commercial Pay Globally By CIOTechOutlook Team

Visa and Conferma Pay Collaborate To Increase Expansion of Visa Commercial Pay Globally

CIOTechOutlook Team | Thursday, 10 August 2023, 11:42 IST

The leading providers of virtual payments technology in the world, Conferma Pay and Visa, a global leader in digital payments, recently announced an expansion of their strategic partnership. The goal is to further improve Visa Commercial Pay, a collection of B2B payment solutions, in order to help businesses improve cash flow and do away with antiquated manual processes.

Visa Commercial Pay offers three B2B payment options for financial institutions and their corporate clients, including Visa Commercial Pay Mobile, Visa Commercial Pay Travel, and Visa Commercial Pay B2B, all of which have virtual commercial cards at their heart. Since its inception in 2020, Visa Commercial Pay has aided corporations in switching from manual processes to more automated ones for business payments.

Select customers, including early adopters including Commerce Bank, OCBC, and Umpqua Bank, have access to Visa Commercial Pay. By connecting to industry-leading invoice management solutions, the offering enables financial institutions to carry out the virtual payments strategy of their corporate clients and fosters innovation. Businesses' cash flow is improved by this technique, which also gets rid of antiquated manual procedures.

“The pandemic exposed significant inefficiencies with traditional payment methods used by businesses,” said Gloria Colgan, Senior Vice President, Global Product Visa Commercial Solutions. “Our collaboration with Conferma Pay brings together two leaders in their respective fields and the result is a far more efficient payments system. With our collaboration set to continue, more clients and end users will be able to take advantage of new features such as the digital wallet tokenization and hotel cards.”

The four-year extension secures extra funding to advance the suite of B2B payment solutions and communicates a renewed shared commitment to expanding the accessibility of virtual commercial payments.