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January 31, 2014updated 04 Apr 2017 4:08pm

Visa plans to launch new payment solution for corporations

Visa is planning to launch a new payment solution to allow corporations to pay through their Visa Commercial issuer using the SAP Financial Services Network.

By Verdict Staff

Visa is planning to launch a new payment solution to allow corporations to pay through their Visa Commercial issuer using the SAP Financial Services Network.

According to Visa, the new payment solution will be designed to allow corporations to more easily automate and process their invoice payments without the need for significant investment in custom software.

Scheduled to be available from mid 2014, the new solution is expected to assist corporations that are willing to move toward electronic business-to-business payments.

Visa global commercial solutions senior vice president and head, Tad Fordyce, said: "We anticipate that being able to make Visa payments via connection to the SAP Financial Services Network will help corporations streamline accounts payable processing, while avoiding the upfront and ongoing costs that would be associated with custom software for the payment process."

SAP senior vice president and general manager of information management and financial services network, Sanjay Chikarmane, added: "We anticipate companies will be able to benefit from connecting to the SAP Financial Services Network and make Visa transactions via the network.

"Integrating Visa’s payables solutions with ERP and finance systems via the SAP Financial Services Network is expected to help ease reconciliation and increase up-to-date visibility into cash."

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