Lloyds (LON:LLOY) Bank, in a bid to modernize its business spend management capabilities, has partnered with Visa (NYSE:V) to launch a new virtual card, 'Visa Commercial Pay'. The new virtual card service is a first in the UK banking sector, according to James Sykes, head of commercial cards at Lloyds Bank.
The Visa Commercial Pay cards can be issued individually or in batches and provide real-time control over spending. Business administrators and managers can apply controls to determine where, when, what, and who can be paid. Employees can use these virtual cards for a range of business-related purchases, including contracted spend, ad-hoc purchases, subscription payments, or business travel.
The launch of this service is seen as a response to the growing threat posed by fintech startups that have been addressing the challenges of business spend management over the past few years. Sykes commented on the development saying: “We’re proud to have partnered with Visa and to be the first in the UK to launch Visa Commercial Pay to customers. We’ve worked hard to create a solution that offers a secure, simplified process that enables businesses to pay their suppliers earlier while protecting their working capital.”
Visa's managing director for UK and Ireland, Mandy Lamb, described Visa Commercial Pay as a "next-generation virtual payment platform" that simplifies and streamlines business payments securely. The virtual cards come with an additional layer of security by eliminating the need for one-time passcodes and simplifying reconciliation as customers can code them accurately and attach evidence to their purchases.
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