PYMNTS.com – In Visa news, the credit card company is hitting back at rival Mastercard with the rollout of a B2B payments program just days after Mastercard announced its own B2B payments tool.
Visa said Tuesday (June 13) in a news release that it is launching the Visa Ready Program for Business Solutions, a framework of solutions enabling companies to more quickly integrate Visa B2B payments tools. They include virtual cards, accounts payable automation, data analytics and other capabilities, Visa said.
The launch adds to the list of Visa Ready programs offered by Visa, which already include frameworks for mobile point of sale, Internet of Things and cloud-based payments.
“B2B payments innovation has been fueled by businesses always looking to simplify complexities and time spent associated with paying and getting paid, as well as expense reconciliation,” said Vicky Bindra, Visa’s head of global products and solutions, in a statement. “With the introduction of the Visa Ready for Business Solutions program, we are coming together with our technology partners to help quickly and securely bring to life a variety of use cases to meet unique needs of financial institutions and their corporate businesses, large and small, and across different industries.”
Visa offered examples of how its existing partners in the program are deploying its B2B payments tools. CSI globalVCard, for instance, is taking advantage of an API integration to link financial institutions with electronic AP tools they can provide to their own corporate customers.
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