Visa (NYSE:V), a global leader in digital payments, and Conferma Pay, the world’s foremost provider of virtual payments technology, have announced new enhancements to their B2B payment solutions, Visa Commercial Pay. The solutions, which include virtual card B2B payment solutions, aim to improve cashflow for businesses and reduce outdated manual processes.

The latest innovation enables financial institutions to add virtual corporate cards into an employees’ digital wallet – including third-party wallets such as Apple Pay and Google Pay – to enhance convenience, security and flexibility for corporate users.

The new and improved Visa Commercial Pay Mobile will provide a commercial token account with configured payment controls, allowing for an efficient payment experience across both Point of Sale and CNP payment methods. The transformative approach utilizes advanced tokenization technology to minimize the risk of fraud and provide a secure payment environment, while enabling businesses to initiate transactions seamlessly, enhancing overall financial agility.

The announcement coincides with a significant expansion of Visa Commercial Pay across the Latin America & Caribbean region, reinforcing Visa’s commitment to, and leadership in, enabling streamlined, secure and efficient B2B payments in a locality known for its diverse and dynamic business landscape. Regions Bank will be the first Visa collaborator to roll out the enhanced digital wallet capability for its Treasury Management customers.

“We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment,” said Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions. “Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally.”

Visa’s continued innovation and leadership in virtual card solutions comes as a recent report from Juniper Research found that by 2028, global virtual card spend will have increased by 355%, up from $3.1 trillion in 2023.1

Following its successful launch in the Asia-Pacific, Europe, Middle East & Africa and North America regions, Visa Commercial Pay will be available for customers in Latin American & Caribbean later in 2024.