Visa has struck a deal with Stripe to enable buyers on Visa Payables Automation to pay suppliers who are unable to accept digital payments through the use of a virtual Visa card.
Visa's B2B Payables Automation platform allows buyers to enrol, manage and pay suppliers digitally with a Visa commercial card. By plugging in to Stripe Connect, the new feature brings on board suppliers who are not connected to the traditional banking infrastructure.
“When a buyer needs to pay a supplier, the enhanced Visa Payables Automation platform allows seamless digital payments experience. The supplier will be prompted to register with Stripe Connect, provide a bank account number, and start accepting payments,” says Chavi Jafa, head of business solutions, Asia Pacific, Visa. “Migrating to digital payments benefits both buyers and suppliers, as it eliminates maual processing and enhances reconciliation. This improves productivity while reducing errors and fraud. It also allows buyers and suppliers to better manage their working capital, utilising a Visa Commercial Card.”
The new service is now available in 30 markets around the world and can be activated by member banks that use Visa's commercial card portfolio.
Tarun Minglani, Asia Pacific head of commercial cards, Treasury and Trade Solutions, Citi, says: “Citi is committed to offering our clients innovative B2B payment solutions, enabling them to operate more efficiently in an increasingly digitised business environment. The Visa Payables Automation platform optimises the payments process while reducing points of friction that are traditionally associated with B2B payments.”