SAN FRANCISCO - Visa Inc . (NYSE:V), a prominent player in digital payments, has teamed up with Taulia, an SAP company specializing in working capital management solutions, to enhance the process of business-to-business (B2B) payments. This partnership aims to integrate Visa's digital payment technology into Taulia Virtual Cards, which work in conjunction with SAP's enterprise resource planning (ERP) systems, to facilitate a more efficient payment experience for both buyers and suppliers.
The collaboration between Visa and Taulia is set to simplify the payment process within the business ecosystem by embedding virtual payment credentials into SAP business applications. Visa's application programming interfaces (APIs) will be used to directly incorporate these payment solutions, fostering a synergy that emphasizes the financial institution's role as an issuer and the ERP's relationship with corporate clients, thereby adding value through embedded finance capabilities.
Embedded virtual card solutions are increasingly sought after by corporate buyers looking for a seamless payment experience that allows them to remain within their ERP or business applications, achieving significant efficiencies. The joint solution by Visa and Taulia will empower Chief Financial Officers (CFOs), procurement, and accounts payable teams to automate supplier payments, a boon for handling transactions with one-time suppliers without the need for extensive data creation.
Alan Koenigsberg, SVP at Visa, expressed enthusiasm about the global partnership, highlighting the aim to create a superior payments automation experience that eliminates time-consuming processes. Danielle Weinblatt, Chief Product Officer at Taulia, echoed this sentiment, emphasizing Visa's advanced capabilities and extensive network as key to innovating and advancing their customers' working capital technology.
This initiative is expected to offer suppliers improved cash flow and better visibility, reducing friction in B2B transactions and replacing the traditionally manual reconciliation process for buyers.
The information for this article is based on a press release statement.
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