Regal Software has announced a collaboration with Mastercard that enables financial institutions to support virtual corporate payments.
In a press release, Regal said its agreement with Mastercard will allow banks to provide an integrated payables platform that supports virtual card payments. Together, the companies are launching RegalOne, an application that provides integrated virtual cards to the corporate customers of regional and community banks.
The app will leverage Mastercard In Control for Commercial Payments, letting community banks provide a white-labeled accounts payable platform for their corporate customers. That platform will enable those business users to make payments via virtual card, while Mastercard’s In Control solution enhances the security of those transactions.
According to Regal, the platform is unique in that it allows companies to connect their accounting systems to Mastercard’s In Control to create virtual card payments without having to generate a payment file. This feature is made possible through Regal’s LightAgent solution. The solution also will not require companies to hand over control of their accounts payable (AP) to the banks entirely; the bank platform will only handle the payment.
“Accounts payable departments are essential to the operations of any company,” said Regal Software founder and CEO Kofi Conduah in a statement. “We understand that, so we are not trying to replace or reduce its role. Our aim is to provide technology that enables our bank partners to offer AP departments a more efficient way to pay vendors, not take over or disrupt their operations.”
Last year, Regal Software Technologies partnered with American Express, allowing joint customers to use American Express virtual and physical cards to pay supplier invoices. At the time, Conduah spoke with PYMNTS about the security that virtual cards provide companies, allowing managers to set controls and gain greater visibility into payments, while generating virtual cards only for a specific amount and vendor.