Conferma Pay and ConnexPay are partnering to allow businesses to simplify payments processes by issuing virtual cards. The aim of the collaboration is to improve clients’ cash flow management.

Specifically, the deal combines Conferma Pay’s virtual card ecosystem and ConnexPay’s virtual card issuing engine and real-time funding processes. According to the firms, the result will be a seamless and secure all-in-one payments experience.

The new solution is ideal for businesses with a high traffic of incoming and outgoing payments that are being held back by cash-flow issues. ConnexPay’s multifunctional platform allows businesses to gain immediate access to incoming customer payments. These funds then be used in real time to power ConnexPay virtual cards through the Conferma Pay platform to pay suppliers. This eliminates the waiting for settlement and funds to clear, as well as prefunding requirements. This is a process that can take days or weeks, and something many companies are unable to do.

Combining improved cash flow and growth with integrated fraud prevention

ConnexPay’s Intelligent Purchases Routing technology automatically issues the type of card that will provide the maximum rebate. This means businesses increase revenue share on every payment, improving both cash flow and growth. The integrated fraud prevention and analytics suite means users also have a greater control and overview of their live finances.

Jason Lalor, CEO, Conferma Pay, said: “The partnership is another step towards simplifying global payments process for businesses globally. Our end goal is to make it easier to do business. By managing all your payments through virtual cards all on one platform, it’s much easier to connect and do business at a global scale.”

Bob Kaufman, founder, CEO at ConnexPay, added: “By partnering with Conferma Pay, a company that shares our customer-first approach, we are continuing to eliminate payments pain points for businesses across the travel sector. Improving cash flow and paying suppliers in a fast and secure way boosts purchaser-supplier relationships and expedites business growth.”

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By GlobalData