The four-year extension will bring in additional investment to further develop and expand Visa Commercial Pay in Asia, Latin America and the Middle East. In addition, Visa and Conferma have renewed their joint commitment to make virtual commercial payments more widely available to their clients.
Visa Commercial Pay was launched in November 2020 to help businesses improve cash flow and eliminate outdated manual processes.
“The pandemic exposed significant inefficiencies with traditional payment methods used by businesses”, said Gloria Colgan, senior vice president of Global Product Visa Commercial Solutions. “Our collaboration with Conferma Pay brings together two leaders in their respective fields, and the result is a far more efficient payments system. With our collaboration set to continue, more clients and end users will be able to take advantage of new features such as digital wallet tokenisation and hotel cards.”
Founded in 2005, Conferma Pay serves over 75 banking partners that issue Conferma Pay-generated virtual cards in more than 50 countries. In March 2023, the company expanded its alliance with Boost to develop a B2B virtual payment platform to manage high-volume virtual transactions and replace traditional payment systems with a digitised and automated ecosystem.
Jason Lalor, CEO at Conferma Pay, welcomed the partnership extension, saying: “The world has been increasingly moving towards more digitised payments, and the launch of Visa Commercial Pay has supported this transition in the commercial payments environment.
“Based on our shared vision for a more digitised payment landscape, our expanding network of B2B partners means that Visa Commercial Pay will continue to grow and remove more barriers to business.”