The solution is designed to support and maintain existing card volume by automating the virtual card transaction process.
Visa has announced the general availability of its new product, Visa AR Manager, in the US.
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The solution is designed to support and maintain existing card volume by automating the virtual card transaction process, addressing key challenges faced by suppliers accepting commercial credentials.
The Visa AR Manager functions by retrieving virtual card account details, managing authorisation and clearing, and providing reconciliation data to complete invoice processing in the supplier’s ERP system.
This automation is intended to allow merchants to concentrate on their core business activities by minimising manual touchpoints, the company said.
The service includes an onboarding process for suppliers, which involves the identification and verification of merchant identifiers necessary for enrolment.
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By GlobalDataIt also offers automatic card account retrieval, either through batch file integration or email parsing with participating issuers.
The system can initiate authorisation and clearing steps on behalf of suppliers with “major acquirer” processors in the US and said to ensure that reconciliation data is delivered “timely” manner to close out invoices.
Visa Commercial Solutions B2B Acceptance global head Abhishek said: “Visa AR Manager is a testament to Visa’s commitment to payments innovation, aimed at significantly reducing friction with commercial acceptance.
“Visa AR Manager will significantly transform supplier AR workflows to enable increased efficiency and lower operational costs, while streamlining virtual card payments for merchants.”
Recently, Visa, through its Visa Ventures division, has invested in South Africa-based stablecoin payments firm BVNK.
BVNK offers stablecoin payments infrastructure through a single API platform that connects banks and blockchains.
The platform allows businesses to send, receive, convert, and store both stablecoins and fiat currencies across multiple payment systems and blockchains.
