Synovus on Tuesday (Jan. 4) teamed up with Visa on a mobile virtual commercial credit card that allows businesses to instantly generate and send virtual Visa credit cards to their employees, vendors and contractors through a mobile app that leverages Visa Commercial Pay, according to a press release.
Visa Commercial Pay is a suite of business-to-business payment solutions that improves cash flow and helps clients gain more control over their corporate card usage, since individual cards can be issued with specific spending limits, expiration dates and merchant restrictions.
“We’re excited to expand our commercial card portfolio with the offering of a mobile virtual commercial credit card solution with Visa,” said Katherine Weislogel, head of Synovus treasury and payment solutions, in the company announcement.
“This launch is a critical step in our efforts to provide clients enhanced digital banking experiences and additional security and flexibility over the management of day-to-day business spend,” she said.
Mobile virtual Visa credit cards in digital wallets can be used for online purchases or contactless payments with a mobile phone wherever Visa is accepted.
“Businesses are turning to Visa and our financial institution partners to help streamline money movement through digital-first solutions like Visa Commercial Pay,” said Veronica Fernandez, North America head, Visa business solutions. “Through this collaboration, we’re excited to help bring enhanced digital and mobile banking experiences to Synovus clients.”
Related: Synovus Debuts Integrated Receivables Platform
In June, Synovus debuted its Synovus Accelerate AR platform to increase access to working capital and decrease exceptions by way of straight-through processing. Synovus Accelerate AR is offered with payments and business technology company Deluxe.
The platform includes Synovus Accelerate AR Console, a portal that displays all accounts receivable (AR) activity and serves as the main service module for the Synovus Accelerate AR platform. Synovus Accelerate AR Match uses machine learning and algorithms to connect incoming digital and hard-copy payments with open invoice remittance information.
The Synovus Accelerate AR Biller lets payers see bills and pay from a mobile device or internet browser, and the Synovus Accelerate AR Aggregator consolidates payments, digitally provides funds and posting information and leads to straight-through processing.