Visa is teaming up with B2B virtual payments company CSI globalVCard to extend its services to Visa issuers.
CSI globalVCard said Tuesday (May 9) that it struck a partnership with Visa to integrate Visa Payables Automation into the CSI globalVCard pay system Payables platform, enabling issuers of Visa cards to link their own corporate customers to the combined accounts payable offerings of both Visa and CSI globalVCard. The tools support reconciliation, instant card issuance through CSI globalVCard’s mobile app, spend control and other AP technologies.
“Enabling Visa commercial offerings is an essential part of our global growth strategy, and it will be well received by customers,” said CSI globalVCard CEO Keith Stone in a statement. “Through a full integration with Visa Payables Automation, CSI globalVCard can bring its globalVCard paysystems technology to Visa financial institutions and their customers to manage and process supplier payments.”
The companies cited research from RPMG Research Corporation, whose Electronic AP Benchmark Survey found virtual payments is linked to reduced check fraud, increased payment visibility and lower cost of invoice processing. Paper-based invoice processing, analysts calculated, costs $22 per transaction.
“Our approach to collaboration is grounded in partners who can help Visa bring innovative business-to-business payment solutions to the table, and our alliance with CSI globalVCard is the perfect step in that direction,” said Visa Global Head of Products and solutions Vicky Bindra in another statement. “Together, we are helping our issuing partners create and offer simple, secure and convenient Visa payment solutions to their customers as part of their accounts payable offering in the U.S.”
Linking with CSI globalVCard follows Visa’s partnership with MineralTree, launched late last year, that similarly promotes the use of virtual cards in B2B supplier payments.