Visa has strengthened its B2B offering via a series of developments with Conferma Pay targeting transaction management and in support of the US firm’s regional growth plans.
Regarding markets, Visa stated that the upgrades coincide with its strategy to expand in its Visa Commercial Pay Latin America and the Caribbean. The firm is looking to shore up its leadership position in the ‘diverse and dynamic business landscape’ this region presents.
The enhancements to Visa Commercial Pay will enable the firm’s financial institution clients to add virtual corporate cards into employees’ digital wallets, including Apple Pay and Google Pay, for greater flexibility and security.
Gloria Colgan, Senior Vice President of Global Product at Visa Commercial Solutions, said: “We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment.
“Our solutions are designed to meet the needs of enterprises across the world, and in expanding to the Latin America & Caribbean region, we’re providing these businesses with the tools to thrive in an increasingly digital business landscape. Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally.”
An additional feature of the new Commercial Pay mobile offering will be a commercial token account with configured payment controls, designed to assist with access to point of sale (POS) and CNP payment methods.
Therefore, as well as signalling Visa’s intention to expand in Latin America, the development also showcases the US payment giant’s continuing utilisation of blockchain technology, with the token leveraging ‘advanced tokenisation technology to minimise the risk of fraud’.
This comes just a couple of weeks after the company partnered with Web3 platform provider Transak in what was described as ‘a big W for crypto’ by the duo, specifically seeking to reduce delays in crypto to fiat transactions.
Turning to Conferma Pay, the partnership to enhance Visa’s Commercial Pay feature is the company’s second major agreement of 2024, following a deal with ConnexPay signed at the start of this month.
“A superior client experience is at the heart of our value proposition for business clients,” added David Lapaglia, Conferma Pay’s Head of Commercial Card Product and Strategy for Regions. “Visa Commercial Pay is the ideal complement to our already-enhanced selection of products and services.
“Visa understands financial-service providers deliver greater value when they give clients more convenience, along with more intuitive, time-saving solutions. We share in that vision, and by building on our digital wallet capabilities, Regions is reinforcing its commitment to helping our business clients grow and thrive.”
