The credit card giant … has partnered with Conferma Pay, a London-based provider of virtual payments technology, to launch Visa Commercial Pay.
Visa describes the new initiative as a “suite of B2B payments solutions” designed to help improve cash flow for businesses and eliminate “outdated manual processes.” The cards will be available to financial institutions and their corporate customers. They will give buyers and suppliers a way to pay and bill each other, as well as giving employees a way to spend money on work-related purchases more easily and transparently.
The two companies in May revealed the partnership, saying at the time they would integrate Visa’s virtual cards into the Conferma Pay mobile app. But today, they revealed a Visa-branded app, developed exclusively by Conferma Pay and Visa for the credit card giant’s commercial clients.
This is yet another example of a large financial institution opting to partner with a fintech to build out digital offerings rather than attempt to build them out themselves, a process that would likely take much longer and be more expensive.