Lloyds Bank launches new virtual card with Visa
‘Visa Commercial Pay’ will enable businesses to issue single and multi-use virtual cards for company spending
Visa has partnered with Lloyds Bank to launch a new virtual card for businesses.
‘Visa Commercial Pay’ is now available to all Lloyds customers and is designed to make it easier for both businesses and their employees to control and track spending, simplifying the payment process.
Employees will be able to request a virtual card for business-related spending, whether that’s ad-hoc, subscription-based or for travel.
The virtual cards, which have the option to be either single or multi-use, can be issued instantly and should help businesses make online purchasing more efficient, adopting existing approval workflows.
“Visa Commercial Pay is a next generation virtual payment solution that provides the technology to help businesses simplify and streamline the way they make payments, all in a secure and controlled way,” Visa managing director, UK and Ireland, Mandy Lamb said.
Adding an extra layer of security, the virtual cards also eliminate the need for additional one time passcodes, making the purchasing process faster.
The cards also simplify reconciliation as customers can code them accurately and attach evidence to their purchases.
“We’re proud to have partnered with Visa and to be the first in the UK to launch Visa Commercial Pay to customers,” Lloyds head of commercial cards James Sykes said.
“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.”