Bora Payment Systems, Bottomline Technologies, CSI globalVCard, MineralTree and Priority Commercial Payments the first partners to obtain Visa Ready for Business Solutions approval

SAN FRANCISCO, 2017-Jun-15 — /EPR Retail News/ — Today (Jun. 13, 2017), Visa (NYSE:V) announced Visa Ready Program for Business Solutions, a strategic framework to help technology companies that integrate with Visa’s business-to-business (B2B) payment services and data solutions ensure that they meet Visa’s standards and are market ready. Bora Payment Systems, Bottomline Technologies, CSI globalVCard, MineralTree and Priority Commercial Payments are the first partners to obtain Visa Ready for Business Solutions approval, and to bring to market innovative Visa payments to financial institutions’ commercial customers.

Visa Ready for Business Solutions helps accelerate growth and enable new use cases in the B2B payments space. The program enables Visa’s technology partners to quickly integrate and approve an array of Visa B2B payments solutions, including enhanced data, virtual card integration, payables automation and payment controls. Upon successful completion of the approval process, partners may use Visa Ready mark in connection with the approved solution on their website and marketing collateral. They are also highlighted in Visa Ready Solution Directory.

“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, head, global products and solutions, Visa Inc. “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 Ready for Business Solutions program participants have access to Visa’s tools and services, including Visa Developer Platform, to help support development of innovative commercial payment solutions. Unique Visa Ready use cases include:

  • Bora Payment Systems’ Buyer-Initiated Payments (BIP) architecture is integrated with Visa Supplier-Initiated Payment (SIP) APIs to help deliver faster, more automated and streamlined corporate payments
  • Bottomline Technologies’ payment network, Paymode-X is integrated with Visa’s commercial card solution, Visa Payables Solutions, to bring corporate clients a seamless experience that helps simplify payment automation and maximize cost savings, efficiency and security
  • CSI’s globalVCard paysystems® platform Visa API integration can enable Visa financial institutions to meet the rising demand for simple and secure electronic accounts payable solutions
  • MineralTree’s accounts payable and payment automation platform integration with Visa, using Visa APIs, helps middle market organizations drive more invoice payments to virtual cards
  • Priority Commercial Payments’ integration to Visa B2B APIs can help Visa financial institutions expand frictionless virtual card and straight-through-processing payments to drive more commercial card adoption and utilization in targeted verticals, such as construction, industrial manufacturing and retail

“The B2B payments industry landscape is relatively complex, replete with partnerships between multiple entities. Regardless of size, businesses do not typically understand how the pieces fit together or the potential benefits of integrated solutions,” said Steve Murphy, director, commercial and enterprise payments advisory service, Mercator Advisory Group. “The Visa Ready Program’s approach seems to be a logical method to enable transparency and security, while also providing businesses with the practical benefit of faster value recognition through streamlined implementation.”

The Visa Ready Program provides structure and clarity to allow partners to quickly introduce devices, software, and solutions that can initiate or accept Visa payments. In addition to Business Solutions, Visa offers Visa Ready Programs for mobile point-of-sale (mPoS), Internet of Things (IoT), and cloud-based payments providers. Last week, Visa also announced more than a dozen new Visa Ready token service partners to drive acceleration into consumer IoT payments.

About Visa

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Contact:
Aida Hadzibegovic
415-805-4242
ahadzibe@visa.com

Source: Visa Inc.

Visa provides full line-item details of Amazon Business purchases to U.S. accountholders

Bank of America Merrill Lynch, Citi and PNC Bank first to help their corporate customers streamline expense management

SAN FRANCISCO, 2017-Apr-12 — /EPR Retail News/ — Today (Apr. 10, 2017), Visa Inc. (NYSE:V) has become the first card network to enable participating issuers to provide their U.S. commercial account holders a comprehensive view of their Amazon Business purchases. The new enhanced transaction data functionality, initially available to Bank of America Merrill Lynch, Citi and PNC Bank, N.A., U.S. commercial accountholders through Amazon Business, provides full line-item details on Amazon Business customers’ purchases made with their Visa commercial card and can seamlessly integrate with popular reconciliation tools.

“Tracking and reconciling online purchases made with commercial cards can be a time-consuming task, and at Visa, we are continuously looking for innovative ways to simplify the process,” said Vicky Bindra, global head of products & solutions at Visa Inc. “Visa’s collaboration with Amazon Business and our bank partners will ultimately help our commercial account holders in the U.S. spend less time on reconciliation of their purchases and allow more card management options – all with the existing value and cost-savings that come with an Amazon Business account.”

Amazon Business allows registered businesses and their designated Visa commercial accountholders to easily make business purchases, and provides them with unique and valuable benefits, including:

  • Ability to search, compare and buy products from a variety of suppliers, including business-only selection and pricing.
  • Free Two-Day Shipping on eligible orders of $49 or more.
  • Tracking of multiple shipments and purchases on one account to help eliminate the hassle of dealing with multiple suppliers and invoices.
  • Full line-item detail on Amazon Business purchases for improved visibility and enhanced analytics.
  • Customized account-management tools, such as ability to set up multi-user accounts and spending limits.

Financial Institutions Enabling Enhanced Transaction Data on Amazon Business

Today, three Visa clients across the U.S. are enabling this new functionality for their commercial cardholders on Amazon Business.

“As organizations’ buying patterns move toward online marketplaces, access to this critical data will help with reconciliation and audit,” said Jennifer Petty, head of Card and Comprehensive Payables for Bank of America Merrill Lynch. “We’re excited to announce this strategic relationship with Visa and Amazon Business to deliver this valuable service to our clients.”

“B2B payments require enhanced data for proper audit, reporting and purchasing control,” said Morgan Salmon, global commercial cards B2B product head at Citi Treasury and Trade Solutions. “We are pleased to join Visa and Amazon Business in offering a streamlined purchase and reconciliation process for our clients.”

“In today’s ever-evolving digital economy, straight-through processing is becoming a requirement, not a luxury. PNC’s ability to collaborate with Visa and Amazon on this initiative will enable us to deliver to our customers richer data attached to each transaction, resulting in more efficient processing and a better understanding of their purchasing activity,” said J. Christopher Ward, executive vice president and head of Product Management for PNC Bank’s Treasury Management division.

For more information about the enhanced transaction data functionality for Amazon Business customers, please visit https://usa.visa.com/run-your-business/amazonbusiness.html. To learn more about the benefits of having an Amazon Business account, please visit www.amazon.com/business.

About Visa

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/ and @VisaNews.

Contact:
Aida Hadzibegovic (U.S.)
415-805-4242
globalmedia@visa.com

Source: Visa Inc.