Visa is expanding its B2B payments footprint throughout Latin America.
The payments technology company announced Wednesday (Jan. 10) that it has struck a partnership with FinTech NovoPayment. Together, the companies will provide B2B payments services across Latin America and the Caribbean, with a focus on business travel payments, accounts payable and accounts receivable solutions, and Visa bank clients.
Their collaboration kicks off in Colombia, where Visa, NovoPayment and a local bank are working together to facilitate real-time payments in the urban delivery and logistics market. They are working on a set of APIs, the companies said, that link fleets to eProcurement solutions using Visa accounts.
Visa and NovoPayment also said they are working on another project to streamline B2B payments for the urban transportation sector, enabling drivers to use Visa accounts to accept payments and manage expenses.
"Through our open collaboration strategy, we partner with FinTechs in the region to accelerate the adoption of new technological capabilities that complement our payment functionalities and those of our bank and merchant partners," stated Allen Cueli, Visa's vice president of product solutions and new enablers. "This is the first initiative resulting from a broader partnership with NovoPayment, focused on the deployment of a number of projects, including prepaid enablement, API integration as well as B2B solutions."
"We work to expand the use of electronic payments across the region, to improve people's daily lives and help businesses increase sales and operate more efficiently," added Diego Rodriguez, vice president of business solutions for Visa Latin America and the Caribbean. "These projects with NovoPayment allow us to extend our reach and presence in the region, through different business models, facilitating payments amongst businesses and creating frictionless business-to-business interactions."
The partnership with NovoPayment is part of Visa's overall strategy in the B2B payments realm.
Last year, the company launched the Visa Ready Program for Business Solutions, a collection of B2B payment and financial services for corporate clients. The company is also working with blockchain firm Chain to deploy Visa B2B Connect, a platform for financial institutions to make payments and settle funds for corporate customers.