Virtual cards continue to gain traction in B2B payments, and this week’s Commercial Card Innovation Tracker includes new v-card tools launched by JPMorgan, Corporate Spending Innovations, and more. Plus, corporate card innovators position their products to add value for small businesses.
JPMorgan Powers Virtual Card Payments In OneSource Virtual
OneSource Virtual is promoting use of the commercial card and accounts payable and has tapped JPMorgan to help. In a recent press release, OneSource Virtual announced that its finance and accounting solution is now generally available to corporate customers. The solution includes the product invoice pay and accounts payable payments optimization tool that can support a range of payment methods to settle invoices. The tool supports commercial credit card payments as well as single-use account virtual card payments powered by JPMorgan, which the company said can connect business players to rebates, fraud protection and early payment discount opportunities. OneSource Virtual added that its invoice pay solution integrates with its existing supplier management offering to strengthen the buyer-supplier relationship.
Corporate Spending Innovations Eases Virtual Card Friction For Hospitality Industry
B2B payment technology provider Corporate Spending Innovations has announced a new integration designed to ease the pain of virtual card acceptance for companies in the hospitality industry. Through an integration with Sertifi’s eConfirmations product, Corporate Spending Innovations connects hotel customers with tokenized payment information, enabling hotels within the network to securely accept and enter virtual card data to process payments. “The demand of virtual card utilization in the last 12 months is what drove Corporate Spending Innovations to establish this new and innovative partnership,” said Juliann Pless, senior vice president of travel solutions at Corporate Spending Innovations, in a statement.
Mastercard Bolsters Small Business Credit Card Offering With QuickBooks
Payments technology conglomerate Mastercard is strengthening the value proposition for small business users of its card products. The company said in an announcement that the new cardholder benefits are designed to help small businesses accelerate digitization. Included in the new benefits package is access to QuickBooks online payroll as well as Microsoft advertising and Zoho Social and Marketing technology. “Now more than ever, having a digitally-led approach is critical for small business owners. Mastercard remains committed to helping provide small businesses the solutions required to meet the needs of the evolving consumer and operate in our digital world,” said Chiro Aikat, executive vice president of Products and Innovation in North America for Mastercard, in a statement.
Atlantis Adds New Corporate Card To Singapore Market
Singapore-based FinTech Atlantis is launching a new expense management platform designed for small- to medium-sized businesses (SMBs) and is introducing a new corporate card product connected to the solution. Dubbed BizBank, the solution is part of Atlantis’ broader effort to support economic growth by strengthening financial management for small businesses. In addition to the card product, Atlantis plans to also add expense management, billing and other credit products for small businesses in Singapore and throughout the Southeast Asia region. “We are building a ‘bank in a box’ for small and medium businesses. Using our end-to-end platform, SMBs can digitize their operations and spend more time on their core activities — revenue growth and business expansion,” said BizBank Chief Operating Officer Sruthi Srinivasan.