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As part of its strategy to bring digital- and mobile-banking experiences to its customers, Synovus Financial Corp. has introduced a mobile virtual commercial credit card. The Visa Inc.-branded cards, which businesses can generate and send to employees, vendors, and contractors through a mobile app, will be enabled in a digital wallet and can be used for online purchases or contactless payments with a mobile phone where Visa is accepted.
The virtual cards will leverage Visa Commercial Pay, a set of business-to-business payment solutions aimed at improving cash flow and eliminating manual processes. As a result, businesses issuing the cards are meant to be able to better track and manage business expenses.
As with physical commercial cards, businesses will be able to set controls over how employees use the card, including setting spending limits, restrictions on where the cards can be used, and dual approval rules. Businesses can also determine which employees are eligible to receive the cards. In addition, the cards will feature security controls that allow users to make payments with one-time account numbers that can’t be traced to reduce the risk of fraud.
Another benefit is that businesses can reduce reimbursements and reconciliation time by removing the need for employees, vendors, or contractors to make out-of-pocket expenses, Synovus says.
“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,” Katherine Weislogel, who heads Synovus treasury and payment solutions says is a prepared statement.
