Businesses haven’t yet fully integrated digital payment methods into their operations, but firms are increasingly turning away from paper and toward plastic for at least one mechanism, whether it be employee expense management or payroll.
A new solution from U.S.-based MUFG Union Bank, however, is designed for corporation’s all-around procure-to-pay needs, offing a suite of commercial cards, each with their own purpose.
In an announcement made Monday (Sept. 14), MUFG rolled out its Commercial Card platform aimed at strengthening efficiency and visibility in the accounts payable department. The new platform offers virtual cards, purchasing cards, corporate travel cards, the travel card designed for senior executives, and the MultiCard, a single solution that combines p-card and travel card services in one.
MUFG Head of Product and Innovation and Managing Director Ray Fattell said in a statement that the new commercial card program is built for businesses “who are seeking the latest technology and services to meet their transaction banking needs and improve productivity.”
He continued: “Our team employed a buyer-initiated payments approach in developing these products that distinguishes us in the marketplace. We are committed to providing innovative product solutions that enable CFOs and treasury managers to optimize their business processes.”
The launch of the commercial card offerings signals MUFG’s efforts to help businesses digitize their payments methods. The ePayables Virtual Card product, for example, lets businesses create card transactions through their AP or ERP systems. The bank offers buyer-initiated payment cards, which allows businesses to deposit a payment directly into a supplier account, or supplier-initiated payment cards, which sends an email with the card number to the supplier to process the transaction on the supplier end.