The new Visa Commercial Pay Mobile offering will provide a commercial token account with configured payment controls, leverage advanced tokenization technology to minimise the risk of fraud, and provide a secure payment environment
Visa extends digital wallet capabilities. (Credit: NordWood Themes on Unsplash)
US-based digital payments provider Visa is extending digital wallet capabilities within Visa Commercial Pay, a suite of B2B payment solutions built in partnership with Conferma Pay.
Launched in 2020, Visa Commercial Pay features three B2B payment offerings, including Visa Commercial Pay Mobile app, Visa Commercial Pay Travel, and Visa Commercial Pay B2B.
The new capabilities aim to help financial institutions add virtual corporate cards into an employees’ digital wallet, to better manage their transactions worldwide.
The corporate cards include third-party wallets such as Apple Pay and Google Pay – to enhance convenience, security and flexibility for corporate users.
The new offering will provide a commercial token account with configured payment controls that provide an effective payment experience across both Point of Sale and CNP payment methods.
It leverages advanced tokenization technology to minimise the risk of fraud, offers a secure payment environment, and enhances overall financial agility, said the digital payments provider.
Visa Commercial Solutions global product senior vice president Gloria Colgan said: “We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment.
“Our solutions are designed to meet the needs of enterprises across the world, and in expanding to the Latin America & Caribbean region, we’re providing these businesses with the tools to thrive in an increasingly digital business landscape.
“Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally.”
Regions Bank, a full-service provider of consumer and commercial banking services, will be the first to roll out the new digital wallet capability for its Treasury Management customers.
The bank operates in high-growth markets across the Southeast, the Midwest and Texas, with Commercial Banking clients including employers with unique payments and cash-flow needs.
Visa Commercial Pay will be initially rolled out in the Asia-Pacific, Europe, Middle East and Africa, and North America markets, with plans to be extended to Latin America and the Caribbean regions later this year.
Regions commercial card product and strategy head David Lapaglia said “A superior client experience is at the heart of our value proposition for business clients.
“Visa Commercial Pay is the ideal complement to our already-enhanced selection of products and services. Visa understands financial-service providers deliver greater value when they give clients more convenience, along with more intuitive, time-saving solutions.
“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.”