What Visa Commercial Pay offers the B2B sector
Visa Payment Corporation offers a new tool for the B2B sector. Thanks to the Visa Commercial Pay solution, the operator’s customers receive a digital wallet with enhanced functionality. The main objective of the innovation is to improve the quality of service and the individual approach to building business processes. Commercial Pay provides customers the most secure and efficient way to make B2B payments. In addition, the tool offers flexibility, which is extremely important in unstable markets.
Built on virtual card technology, Visa’s Commercial Pay platform offers the following benefits:
– it enables a significant increase in cash flow;
– the platform minimises manual processes;
– the tool reduces the risk of transaction errors.
It is important to note that the company’s payment solution was launched back in 2020. Since then, its functionality has expanded significantly. An automated approach and more convenient payment methods have replaced traditional options.
The latest update to the service allows customers to add virtual cards to their payment services. We are talking about Apple Pay, Google Pay and other similar systems. This innovation makes payments as secure as possible. It makes the Commercial Pay solution available to the B2B sector in Latin America and the Caribbean. This move demonstrates Visa’s commitment to providing a high level of service in all available regions.
Features of the updated tool at a glance
Commercial Pay offers a commercial token account that optimises payment in various ways. In addition, a process control customisation feature is available to customers. The advantages of this approach include:
– minimising the risk of fraudulent transactions;
– increasing the level of security for the payment environment;
– enabling the seamless initiation of transactions;
– improved financial flexibility.
Regions Bank was the first to implement the new features of the Visa Digital Wallet. The company plans to expand its list of partners to make the tool available to a wider range of customers.
According to David Lapaglia of Regions Bank, the B2B solution perfectly fits the bank’s product line.
Visa’s development strategy
The payment giant is focusing on innovative technologies and fintech. In the summer of 2023, Visa acquired the Brazilian cloud platform Pismo. The deal was worth US$1 billion. The purchase allowed the company to expand its presence in the Latin American region. Pismo provides a cloud-based solution for financial institutions to process transactions securely. The platform can significantly speed up payments and issue cards from the US operator thanks to Visa. Through Pismo, customers process more than US$200 billion in transactions annually. This figure has increased since Visa acquired the platform.
Visa Payment Corporation is stepping up its development of tools in the promising fintech sector. It offers several products in this area that greatly simplify payment transactions.
