UK-based fintech Conferma Pay has teamed up with Visa to integrate virtual cards in the Conferma Pay app, enabling companies to control their spending.
The solution is now globally available to Visa’s commercial bank clients, allowing them to bring the app to their corporate customers as part of Visa’s broader technology offering.
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Kevin Phalen, SVP Global Head at Visa Business Solutions, said: “Visa’s collaboration with Conferma Pay is another important initiative in greatly reducing friction in expense payments for businesses globally.
“Conferma Pay is an innovative fintech partner that will help Visa’s commercial clients bring virtual-card innovation to their business clients worldwide.”
Virtual-card payments
Through the app, employees can make virtual-card payments anywhere contactless payments are accepted, by tapping the phone on the reader.
The total spend will be captured in a single record, providing the commercial card programme manager with complete visibility into an individual’s spend. The aim is to eliminate the need for paper receipts or manually submitted expenses.
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By GlobalDataSimon Barker, Conferma Pay CEO, said: “This is the first time that the benefits of virtual cards can be applied to commercial tap and go payments. Commercial card programme managers will be able to see the rich data that a virtual card can deliver, together with a payment experience that’s as good as any in the consumer space.”
The partnership will enable participating companies to grant controlled spending power to individuals without the need to issue physical cards.
According to both companies, additional benefits include:
- Avoids the need for employees to use their own money to pay for expenses, which amounts to $1.6 Billion a month in the U.S. alone, according to Conferma Pay
- Gives managers the ability to access data and oversee costs incurred in real time
- Improves the payment experience for employees by ensuring one payment method can be used for all spend requirements, incorporating tap to pay payment capabilities.
