Synovus Bank launches commercial credit cards in collaboration with Visa
Georgia headquartered Synovus Bank has announced a collaboration with Visa in which the bank would offer its clients a mobile virtual commercial credit card solution.
Under this solution, businesses would be able to generate instant and send virtual Visa credit cards to employees, vendors, and contractors through a mobile app. It would also be able to leverage Visa Commercial Pay which is a B2B payment solution designed by Visa to improve cash flow and eliminate manual processes.
As stated, this new solution would allow clients to have more visibility and control over the corporate card usage as individual cards can be issued with specific limits and expiration dates.
Last year, Yokoy collaborated with Marqeta to launch Visa business debit card while Moneris teams up with Visa to streamline B2B payments in Canada.
“This launch is a critical step in our efforts to provide clients enhanced digital banking experiences and additional security and flexibility over the management of day-to-day business spend,” said Katherine Weislogel, Head of Synovus Treasury & Payment Solutions.
The benefits listed in the press note on the commercial card offerings were spending view monitoring, spend controls such as limits and expiration dates, security and reduced frauds and automated reconciliation.
“Businesses are turning to Visa and our financial institution partners to help streamline money movement through digital-first solutions like Visa Commercial Pay,” said Veronica Fernandez, North America Head, Visa Business Solutions.