Synovus launches the virtual mobile Visa card
On Tuesday January 4, Synovus partnered with Visa on a mobile virtual commercial credit card that enables businesses to instantly generate and send virtual Visa credit cards to their employees, suppliers and contractors through a mobile app that operates 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 customers better control the use of their corporate card, as individual cards can be issued with spending limits, deadlines. expiration and specific trade restrictions.
“We are delighted to expand our commercial card portfolio with the offer of a mobile virtual commercial credit card solution with Visa,” said Katherine Weislogel, head of treasury and payment solutions at Synovus, in the company announcement.
“This launch is a critical step in our efforts to provide customers with enhanced digital banking experiences as well as additional security and flexibility in managing day-to-day business expenses,” she said.
Mobile virtual Visa credit cards in digital wallets can be used for online purchases or contactless payments with a mobile phone anywhere Visa is accepted.
“Businesses are looking to Visa and our partner financial institutions to help them streamline the flow of money through digital solutions like Visa Commercial Pay,” said Veronica Fernandez, Visa Business Solutions Manager for America North. “Through this collaboration, we are excited to help deliver enhanced digital and mobile banking experiences to Synovus customers. “
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In June, Synovus launched its Synovus Accelerate AR platform to increase access to working capital and reduce exceptions through straight-through processing. Synovus Accelerate AR is offered with the payment and enterprise technology company Deluxe.
The platform includes Synovus Accelerate AR Console, a portal that displays all Client Account (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 paper payments to open invoice remittance information.
The Synovus Accelerate AR Biller allows payers to view invoices and pay from a mobile device or web browser, and the Synovus Accelerate AR Aggregator consolidates payments, digitally provides funds and posting information, and leads to direct processing.