In Visa news, the credit card company rolling out a B2B payments program.
Visa said Tuesday (June 13) in a news release that it is launching the Visa Ready Program for Business Solutions, a framework of solutions enabling companies to more quickly integrate Visa B2B payments tools. They include virtual cards, accounts payable automation, data analytics and other capabilities, Visa said.
The launch adds to the list of Visa Ready programs offered by Visa, which already include frameworks for mobile point of sale, Internet of Things and cloud-based payments.
Bottomline Technologies, CSI globalVCard, MineralTree, Bora Payment Solutions and Priority Commercial Payments have already obtained approval to link their commercial customers with Visa’s B2B payments capabilities. Visa will extend its partners access to these various solutions, including its Visa Developer Platform to help developers create new corporate payment solutions.
“B2B payments innovation has been fueled by businesses always looking to simplify complexities and time spent associated with paying and getting paid, as well as expense reconciliation,” said Vicky Bindra, Visa’s head of global products and solutions, in a statement. “With the introduction of the Visa Ready for Business Solutions program, we are coming together with our technology partners to help quickly and securely bring to life a variety of use cases to meet unique needs of financial institutions and their corporate businesses, large and small, and across different industries.”
Visa offered examples of how its existing partners in the program are deploying its B2B payments tools. CSI globalVCard, for instance, is taking advantage of an API integration to link financial institutions with electronic AP tools they can provide to their own corporate customers, and Bottomline has integrated its payments network Paymode X with Visa’s commercial card and accounts payable solutions.
Last year Visa launched Visa B2B Connect, a show of support for blockchain technology in corporate payments. The tool enables banks to transact and settle cross-border payments using the blockchain infrastructure of Chain Core.
Only days ago, Visa competitor Mastercard announced its new B2B Payments Hub in partnership with AvidXchange. The tool is geared toward small business directly to support adoption of electronic B2B payments.