Next generation virtual card solutions for businesses of all sizes.

Visa (NYSE: V) and Lloyds Bank (LON: LLOY) have joined forces to introduce a cutting-edge virtual card solution, designed to cater to businesses of all sizes. This innovative product, known as Visa Commercial Pay, is now accessible to Lloyds Bank customers. It addresses a range of challenges faced by businesses in payment and procurement administration, including spend control, process simplification, invoice reconciliation, and expenditure reporting.

One of the standout features of this solution is its ability to facilitate swift online purchasing through the issuance of virtual cards. Employees can effortlessly request virtual cards for various business-related expenses, whether they are contractual or ad-hoc in nature. These virtual cards, which can be either single-use or multi-use, seamlessly integrate with existing approval workflows and incorporate the company’s unique reference fields. They can be issued individually or in batches, offering real-time control to business administrators and managers, allowing them to closely monitor team expenditures. Moreover, these controls can be finely tuned to specify where, when, what, and who can receive payments. (www.mynewsdesk.com/)

Mandy Lamb, Managing Director for the UK and Ireland at Visa, described Visa Commercial Pay as a next-generation payment platform that simplified and streamlined business payments while maintaining security. James Sykes, Head of Commercial Cards at Lloyds Bank, highlighted its secure and simplified payment process that enabled businesses to pay suppliers earlier while safeguarding their working capital. Jon Helyer, Director of Financial Control at Smart DCC, said Lloyds Bank’s VCP solution facilitated swift and secure transactions, while simplifying reconciliation, and enhancing security with virtual cards.

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