With financial institutions investing in FinTech collaborators that can build out their commercial card offerings, the business credit card is finding new avenues towards adoption. This week’s roundup of the latest innovation reveals initiatives designed to wield the card for payroll, accounts payable and employee expense management.
OneSource Virtual Launches Payroll Card
OneSource Virtual has expanded its digital payroll offering myFlexPay with the introduction of a new payroll card product. In partnership with Fiserv subsidiary Money Network, OneSource Virtual is rolling out a card designed to help businesses migrate away from paper paychecks while empowering underbanked workers to access an electronic, affordable way to receive and spend wages. “With our flexible payroll solutions, companies can reduce their costs and streamline their processes, while giving their employees more control over how they access and use the wages they’ve earned,” said OneSource Virtual CEO Trey Campbell in a statement.
Bora Expands Card Use For Accounts Payable
Bora Payment Systems recently revealed its latest client, Western Alliance Bank, is adopting the FinTech’s technology to connect its own business customers with commercial card solutions they can use in their accounts payable (AP) department. In a press release, Bora said its Payer Direct Hub (PDH) will enable Visa Commercial Card users of the bank to use those cards to pay their suppliers, with Bora supporting the processing of cards for those vendors. In a statement, the bank’s Senior Vice President, Head of Product Management Michelle Lance pointed to the flexibility that cards bring as well as the ability for Bora to support B2B payments via card without the need for ERP integrations.
Teampay Debuts Digital Corporate Card
Spend management platform Teampay is introducing a digital corporate card solution, Catalyst by Teampay, using Mastercard technology. With a focus on enabling business travelers and other business spenders to embrace digital payments, Catalyst can be used in a mobile wallet for purchases at the physical point of sale as well as online. The digital card is accompanied by a physical card, both of which can be managed and controlled with Teampay’s new iOS app Teampaygo.
Sampath Launches Corporate Card In Sri Lanka
Sri Lanka’s Sampath Bank is rolling out its own corporate card in partnership with Visa, the companies announced recently. The firms revealed the Sampath Corporate Visa Credit Card, a payment solution designed to enhance spend control and expense tracking via real-time data. The card is offered alongside SMS alerts and electronic statements to help businesses cut down on paper and manual work, the bank said, noting that recurring expenses like bill payments can be automated using the Sampath Automated Bill Settlement solution.