Visa has partnered with Lloyds Bank on a new virtual card for UK businesses.
The new solution, which is now available to Lloyds Bank customers, is designed to provide more efficient online purchasing and address payments admin challenges like controlling spend, reporting, reconciliation, and simplifying processes.
The partnership says that employees can request a virtual card, for both both single or multi-use, for their business-related purchase, whether it be contracted spend, an ad-hoc purchase, a subscription payment or business travel.
Visa said that the virtual cards "adopt existing approval workflows with unique identification numbers", which can be issued individually or by batch, offering real-time control, which allows companies to "closely manage" spending within their teams.
“We’re proud to have partnered with Visa and to be the first in the UK to launch Visa Commercial Pay to customers," said James Sykes, head of commercial cards, Lloyds Bank. "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.”
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