Synovus to Offer a New Mobile Virtual Visa Commercial Credit Card Solution
January 04 2022 - 10:00AM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220104005339/en/
Sara Bagdadi sarabagdadi@synovus.com
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