Moneris teams up with Visa to streamline B2B payments in Canada

The rapid adoption of commercial payments around the globe has prompted many companies to push for a better integrated and streamlined payments structure.

In recent news, Canadian firm Moneris Solution Corporation partnered with Visa and announced a new feature that will let businesses make and receive payments, Moneris B2B pay. This would work with Visa Payables Automation (VPA), Visa’s accounts payables solution and Visa virtual cards, letting businesses disperse payments via commercial cards.

Earlier this year in Canada, Payments Canada launches Lynx while Interac introduces instant digital payments for businesses in Canada.

The platform provides capabilities to users of Visa virtual commercial cards by automating their B2B payments process. This is done through STP (Straight Through Processing) where businesses can pay their suppliers digitally and send detailed remittance reporting.

Smaller payment companies such as Veem also expanded their payment services to Canada

According to the press note, this would remove the hassle for suppliers to ‘manually process payments and handle sensitive account information is removed’ and raise the efficiency of the business.

“Virtual commercial cards are becoming a widely accepted form of payment for business-to-business transactions, quickly replacing cheques,” says Jim Filice, head of New Payments, Visa Canada. “We’ve seen an increased adoption during COVID-19, and expect this trend to continue well beyond the pandemic.”

It also highlights that Visa commercial cards would provide businesses with solutions such as controls, payment authorization and also in case of working capital management by reducing the operating cost of doing business.

This year, Payments Canada taps Interac Corp for a real-time payments system to catch up and move forward with real-time payments in Canada.

“With this automated system, buyers and suppliers can know that their routine payments are being made quickly and securely with little effort on their part,” said Rob Wilkinson, Vice President, B2B, Moneris.