OCBC Bank announces Visa Commercial Pay
Banks continue to launch initiatives in the commercial payments market in response to stiff competition with non-bank commercial payments companies.
This week, Singapore-headquartered, Oversea-Chinese Banking Corporation (OCBC) bank announced that it would be using Visa Commercial Pay mobile solution as part of its virtual purchasing card offerings.
As per the announcement, OCBC Virtual Purchasing Card would enable businesses to digitalise and streamline all their payment requirements and provide real-time visibility of their employees spending on OCBC Virtual Purchasing Card as well as have an automatic reconciliation.
Earlier this year, Deutsche Bank launched its payments platform through 2C2P in Thailand.
“The opportunity to convert more business payments to be made digitally is tremendous in the commercial sector in Singapore”, said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
Visa Commercial Pay mobile allows employees and non-employees of OCBC corporate customers to request virtual cards on-demand via mobile app and use that to make contactless payments. The Visa Commercial Pay also features other two B2B payment offerings namely Visa Commercial Pay B2B and the Visa Commercial Pay travel.
In the former, a digital platform that allows corporates to generate virtual card numbers and customise data fields for each supplier invoice while in the latter, the card would allow for businesses to focus on centrally managing business travel spends.