TSYS is fueling the adoption of digital payments among corporates with its latest offering, announced on Monday (May 23).
The firm revealed the rollout of its commercial payment solution, TSYS Virtual Payment Precept (VPP), a virtual payment tool for accounts payable and accounts receivable to streamline reconciliation and heighten risk controls in the B2B payments space, the company said.
TSYS is launching its VPP tool as corporations engage in a massive shift toward electronic payments; according to the company, up to 80 percent of businesses surveyed by the Association for Financial Professionals last year said they are transitioning to electronic payments for B2B transactions.
TSYS will provide commercial payments players with authorization and decision controls, the company said, in an effort to help issuers safeguard against fraud and boost their standing in the B2B payments space.
"With increasing demand, it is vital to have the most secure and cost-efficient process in place to facilitate these transactions," said TSYS Group Executive of Commercial Services Scot Yarbrough in a statement. "We have anticipated this need and delivered a solution that enables our issuing clients to offer cutting-edge technology to their corporate customers."
"This new solution will provide the proper scalability for the aggressive growth projected in this market, while leveraging TSYS' proven security and reliability," the executive continued.
TSYS announced earlier this month that it would be enhancing its payment security capabilities through a partnership with Featurespace, a behavioral analytics company. The pairing aims to strengthen fraud detection in an environment where payers and payees expect instantaneous transactions, explained TSYS Group Executive of Product Strategies Andrew Mathieson in a recent interview with PYMNTS.