Lloyds Bank is upping its game in the business spend management arena, rolling out virtual cards from Visa.
The Visa Commercial Pay cards can be issued individually or by batch and offer real-time control, allowing business administrators and managers to closely manage spending within their teams. Controls can be applied to enable where, when, what and who can be paid.
Employees can request a virtual card for their business-related purchase, whether it be contracted spend or an ad-hoc purchase, subscription payment or business travel.
The virtual cards – which can be single or multi-use – adopt existing approval workflows and include the business’s own unique reference fields. They can be issued individually or by batch and offer real-time control, allowing business administrators and managers to closely manage spending within their teams. Controls can be applied to enable where, when, what and who can be paid.
James Sykes, Head of Commercial Cards at Lloyds Bank, also 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.”
Mandy Lamb, managing director, UK and Ireland, at Visa, commented: “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.”