Visa has partnered with UK-based retail banking company Lloyds Bank to launch a new virtual card solution for businesses of all sizes.
As of the announcement, Visa Commercial Pay is available for Lloyds Bank customers, aiming to address businesses’ payments and purchasing issues, including controlling spend, simplifying processes, reconciling invoices, and reporting on expenditures.
The new solution enables online purchasing by instantly issuing virtual cards. It provides employees with the option to request virtual cards for business-related purchases, subscription payments, or business travel. Whether single or multi-use, the virtual cards adopt existing approval workflows and include the business’ own unique reference fields.