The intent of the card is to boost options for spend control for corporate finance teams.
The card will allow companies to set spending limits, category and merchant restrictions and use frequency. It will enable real-time spend tracking, new pre-approvals of expenses not found in traditional employee expensing, and enhanced fraud controls, according to the release. And companies will be able to handle virtual and physical card issuing from one platform.
By using Visa’s card payment infrastructure and expertise, the company hopes to offer a quality product, according to Terry Angelos, senior vice president and global head of FinTech at Visa.
“By joining Visa’s Fast Track program, exciting FinTechs like Accrualify gain unprecedented access to Visa experts, technology and resources,” Angelos said, according to the release. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
Benjamin Portusach, Accruality CEO, said the company is riding the wave of digital payment transformation going on as of late.
“We are working to transform spend management,” he said, according to the release. “Our Corporate Card Module now has the global leadership and payment expertise of Visa to put us at the forefront of digital B2B payments.”
Portusach told PYMNTS that the trend among many business leaders now is to want deeper looks into their spending; not only about what they’ve spent, but about how finances fit into trends in supplier behavior, invoicing or purchase orders, and what the future could possibly hold.
Portusach said two of the main burgeoning trends in procurement are artificial intelligence (AI) and machine learning (ML), both of which Accrualify has been working to spend more on as of late. He said people want more transparency and information overall in supplier relations, and data has become paramount. By using more AI tools, more data can flow through the systems and be used.