Regions Bank has become the first financial institution to launch Visa Commercial Pay Mobile.
This commercial card solution from Visa integrates digital wallets into business payment systems, enhancing convenience and security for Treasury Management clients, the companies said in a Tuesday (March 5) press release.
“The acceleration of digitization in B2B [business-to-business] payments is rapidly transforming the needs and experiences of corporate clients,” Veronica Fernandez, senior vice president, regional head of North America, Visa Commercial Solutions, said in the release. “We are thrilled to offer top-tier services to Regions Bank and their clients, fostering growth and enhancing the customer experience for a variety of B2B payment use cases.”
Visa Commercial Pay Mobile builds upon the success of Visa Commercial Pay-Travel, expanding its functionality to support a broader range of transactions through contactless payments and online transactions, according to the release.
This new offering allows businesses to issue virtual accounts to employees, enabling real-time expense tracking and improved cash flow management through the Visa Commercial Pay app, the release said.
The collaboration between Regions Bank and Visa aims to address the accelerating shift toward digital B2B payments, simplifying and securing the process to meet the evolving needs of corporate clients, per the release.
This partnership also underscores the commitment of both entities to innovation, highlighted by Regions Bank’s recent efforts in launching new payment solutions and enhancing cash flow management for businesses, the release said.
“Visa understands financial service providers deliver greater value when they give clients more convenience, along with more intuitive, time-saving solutions,” David LaPaglia, head of commercial card products and strategy for Regions, said in the release. “We share in that vision, and by building on our digital wallet capabilities, Regions is reinforcing its commitment to helping our business clients grow and thrive.”
The digitization of business payments has been rapidly catching up with the great digital shift that has marked consumer-led transactions, Gloria Colgan, senior vice president and global head of product at Visa Commercial Solutions, told PYMNTS’ Karen Webster in an interview posted in August 2023.
“We have multiple tools in the toolkit, from an internal perspective, and as well as a partnership perspective, to expand acceptance on the commercial front,” Colgan said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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