Visa and Billtrust have formed a strategic partnership to simplify the reconciliation of B2B payments while boosting automation of virtual card payments for financial organisations and their corporate clients.
As part of the collaboration, Visa will integrate its Straight Through Processing capabilities into Billtrust’s existing Virtual Card Capture tool, which will further improve suppliers’ ability to accept virtual cards and automatically capture payment information for reconciliation.
Leveraging Visa’s Straight Through Processing solution, a participating issuer’s buyer can start a Visa commercial credit transaction directly from their accounting solution.
Through its Virtual Card Capture solution, Billtrust facilitates payments processing to suppliers and enable them to get the funds their bank account on the next business day. The remittance is combined across all payment sources and matched to corresponding open invoices.
Visa vice president of US partnerships & new initiatives, business solutions Taira Hall said: One of the key pain points for companies is the time and resources it takes to process payments
“Collaboration with leading partners like Billtrust helps our financial institution clients streamline the B2B payments process for their commercial customers, better support supplier needs, and simplify the process suppliers have to go through in order to accept a payment.”
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Billtrust CEO Flint Lane said: “The integration of Visa’s Straight Through Processing and our Virtual Card Capture enables suppliers to more expediently manage a traditionally manual, cumbersome payment process.
“With the increasing popularity of virtual cards in the B2B market, we’re solving what is quickly becoming a very critical pain point for A/R teams – one that impacts their cash flow, customer satisfaction and operational efficiency.”
Separately, Visa has also made a strategic investment in Billtrust to support its growth in the B2B segment.