UK retail bank Lloyds has entered into a partnership with Taulia, a capital management solution firm, to issue new Visa-backed virtual cards to customers.
As customers purchase the Visa virtual cards, Lloyds will provide credit to them, which in turn will allow companies to issue these cards to suppliers across the world to simplify the B2B payment process.
This will be achieved via Taulia’s scalable technology which enables greater remittance settlement and boosts cash flows, aiming to scale operations globally. This will be supported by Lloyds’ standing as a leading international bank to extend the reach of the virtual cards.
Linda Weston, Head of Commercial Cards, Lloyds said: “We are passionate about helping businesses unlock new value streams and our clients are fast recognising the efficiency and financial benefits of deploying virtual cards for supplier payments.
“We are thrilled about our partnership with Taulia as it enables truly embedded B2B payments processes in the SAP technology ecosystem, making it easy for clients to adopt virtual payments and realise their strategic objectives.”
A key facet of the Lloyds and Taulia partnership is the integration of the UK’s bank embedded finance services that will be applied to the virtual cards.
Taulia will leverage Visa’s APIs to integrate virtual payment credentials, acceptance solutions and supplier enablement services directly to the end user’s business and enterprise resource planning applications.
The working capital and software company will also lean on its parent company, SAP, which completed an acquisition of Taulia in March 2022 to become part of its SAP Business Suite.
Danielle Weinblatt, Chief Product Officer, Taulia, commented: “Embedding virtual cards directly within the ERP landscape and having Lloyds as an issuing partner is a game-changer for corporate payments. This collaboration redefines how businesses manage spend, bringing greater control, automation, and working capital optimisation directly into their existing workflows.
“By seamlessly integrating virtual cards into enterprise systems, we are not only streamlining payments but also empowering companies to unlock liquidity, enhance cash flow intelligence, and modernise their financial operations – driving smarter, more agile growth in an evolving global economy.”
In an evolving digital payment landscape and customers becoming more digitally native, virtual cards are becoming a key payment facilitator for both customers and businesses.
For businesses, they offer more opportunities to simplify the B2B payment process by providing a smooth user experience to help support supplier relationships, mitigate fraud and accelerate cash flows.
Lucy Demery, SVP, Head of Visa Commercial Solutions, concluded: “Visa’s mission is to be the best way to pay and be paid, and embedded finance is a strategic opportunity for us to continue to dream, design and build the future of payments.
“Visa can help drive transformative change through embedded finance in commercial payments and this is a fantastic example of bringing this to life, with two exceptional partners.”
