Visa, a global pioneer in digital payments, and Lloyds Bank, a key player in the UK banking sector, have joined forces.
The collaboration seeks to introduce Visa Commercial Pay, the next generation virtual card solution tailored for businesses across various scales.
Visa stands as an influential figure in the realm of digital payments, continuously innovating to cater to the evolving demands of businesses and consumers alike. On the other hand, Lloyds Bank has firmly established its presence in the UK banking landscape, offering a myriad of financial services to its vast clientele.
The Visa Commercial Pay solution, now accessible to Lloyds Bank customers, directly addresses the intricate challenges businesses face in payment and purchasing administration. The platform aims to simplify payment procedures, ensure better control over expenditures, ease invoice reconciliation, and offer transparent reporting mechanisms.
The solution proffers a multitude of pragmatic benefits, one of which is enabling swift online purchases by instantly issuing virtual cards. The flexibility allows employees to acquire virtual cards for diverse business expenditures, encompassing contracted spends, one-off purchases, subscription fees, or even business voyages. Moreover, these virtual cards, available in single or multiple-use variants, integrate with pre-existing approval workflows and bear the unique reference fields of the businesses. Their issuance can either be singular or in batches, coupled with real-time control features, ensuring managers and administrators can meticulously monitor team expenditures.
The virtual cards not only simplify the transaction process but also heighten the security measures, eliminating the necessity for supplementary One Time Passcodes. This enhancement accelerates online transaction processing.
Visa Managing Director, UK & Ireland, Mandy Lamb said, “Visa Commercial Pay is a next generation payment platform that provides the technology to help businesses simplify and streamline the way they make payments, all in a secure and controlled way. We’re delighted to launch this in the UK in partnership with Lloyds Bank, delivering seamless payment experiences for UK businesses.”
Lloyds Bank Head of Commercial Cards James Sykes commented, “We’re proud to have partnered with Visa and to be the first in the UK to launch Visa Commercial Pay to customers. We’ve worked hard to create a solution that offers a secure, simplified process that enables businesses to pay their suppliers earlier while protecting their working capital.”
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