Alliance to enhance virtual commercial solutions for U.S. businesses
BONITA SPRINGS, FL – May 9, 2017 – CSI globalVCard, a leading B2B payments company specializing in virtual payments, announced a strategic alliance with Visa Inc. to integrate Visa Payables Automation into CSI’s globalVCard paysystems® Payables platform, enabling Visa financial institutions to meet the rising demand for simple and secure electronic accounts payable (EAP) solutions from their commercial clients.
The alliance allows Visa issuers in the U.S. to bring their corporate customers a scalable, end-to-end commercial payments offering, including virtual travel cards and virtual commercial cards with enhanced spending controls, automated reconciliation as well as instant card issuance through globalVCard’s mobile application. This will ultimately help financial institutions grow their key commercial banking relationships while deploying little or no capital investment.
“Enabling Visa commercial offerings is an essential part of our global growth strategy and it will be well received by customers,” said Keith Stone, CEO of CSI globalVCard. “Through a full integration with Visa Payables Automation, CSI globalVCard can bring its globalVCard paysystems® technology to Visa financial institutions and their customers to manage and process supplier payments.”
For most companies, managing Accounts Payable (AP) can be a complex and costly undertaking. Increasingly, businesses are seeking automated solutions to streamline AP operations with the security associated with electronic payments.
“Our recent Electronic AP Benchmark Survey Report highlighted that, in addition to avoiding check fraud and enhancing payment visibility, virtual payments lower the cost of invoice processing and payments by $22 per transaction over paper-based alternatives,” said Richard Palmer, president of RPMG Research Corporation. “Additionally, virtual payments allow organizations to automate many of the manual processes associated with AP, while improving their working capital position.”
“Our approach to collaboration is grounded in partners who can help Visa bring innovative business-to-business payment solutions to the table, and our alliance with CSI globalVCard is the perfect step in that direction,” said Vicky Bindra, global head of products and solutions, Visa Inc. “Together, we are helping our issuing partners create and offer simple, secure and convenient Visa payment solutions to their customers, as part of their accounts payables offering in the U.S.”