Synovus today announced a collaboration with Visa to offer a mobile virtual commercial credit card solution. The new solution enables businesses to instantly generate and send virtual Visa credit cards to employees, vendors, and contractors through a mobile app and leverages Visa Commercial Pay, a suite of business-to-business payment solutions designed to improve cash flow and eliminate manual processes. With the new offering, clients have more visibility and control over corporate card usage as individual cards can be issued with specific spending limits, expiration dates, and merchant restrictions.
Once mobile virtual Visa credit cards are issued and enabled in a digital wallet, they can be used for online purchases or contactless payments with a mobile phone wherever Visa is accepted, without the need for a physical card.
“We’re excited to expand our commercial card portfolio with the offering of a mobile virtual commercial credit card solution with Visa,” said Katherine Weislogel, Head of Synovus Treasury & Payment Solutions. “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.”
“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. "Through this collaboration, we're excited to help bring enhanced digital and mobile banking experiences to Synovus clients."
Benefits of the mobile virtual Visa commercial credit card solution include:
- Total spend view: Clients have complete oversight to better track, capture, and manage business expenses.
- Flexibility and convenience: Clients will be able to quickly create and distribute virtual cards with relevant spend controls to employees, vendors, and contractors, enabling them to pay on-the-go and eliminating the need for personal card usage.
- Increased spend control: Clients can issue and set controls like spending limits, expiration dates, merchant restrictions, dual approval rules, card usage, and card access at the individual card level.
- Increased security and reduced fraud: Clients can issue virtual cards with strict security controls that allow users to make payments with unique, one-time account numbers that can’t be traced.
- Reduced reimbursements and reconciliation time: Clients save time and effort by automating reconciliation and removing the need for employees, vendors, or contractors to make out-of-pocket expenses.
The mobile virtual Visa commercial credit card solution is the newest addition to the Synovus commercial credit card portfolio.
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 281 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005339/en/
Contacts
Sara Bagdadi
sarabagdadi@synovus.com
