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Corporate Cards Go Virtual For Greater Functionality

Corporate Cards Go Virtual For Greater Functionality

June 16, 2021 at 01:00PM
by PYMNTS

The commercial card arena was a bit quiet this week. In fact, perhaps the biggest story among commercial card innovators emerged from what one company decided to do beyond the card.

American Express put its Kabbage acquisition to use with the launch of Kabbage Checking, a checking account service for small businesses with support for mobile banking and check deposits. Later this year, American Express also plans to expand Kabbage Funding, its small business line of credit solution.

The noncard services reflect American Express’s diversification of small business offerings. But that’s not to say the B2B FinTech ecosystem was completely void of commercial card innovation this week, with partnerships driving virtualization of corporate cards to new heights (and geographies).

Google Pay Powers SumUp’s Latest Solution

SumUp, which offers point-of-sale technology for merchants, is expanding its B2B payments capabilities with a new solution that aims to accelerate the ability for businesses to make use of the cash they receive via SumUp’s POS tools. In collaboration with Google Pay, SumUp recently launched a virtual card tool that connects the SumUp Card to businesses’ Google Pay mobile wallets. The SumUp Card loads revenue received via the SumUp POS the next day in an effort to accelerate businesses’ access to those funds. “Collaborating with Google Pay is a really important development for us, because it means we can remove layers of friction for small businesses who need to make quick (but safe) payments on the go,” said SumUp Vice President of Banking Dimitri Gugunava in a statement.

Airwallex, Visa Collaborate On Cross-Border Virtual Cards

Airwallex is teaming up with Visa to introduce a new virtual card product for businesses in Hong Kong, enabling users to make cross-border payments. Dubbed the Airwallex Borderless Card, the product empowers Hong Kong businesses to issue virtual cards in a variety of currencies for a variety of payment use cases, including to pay vendors and subscription providers. The companies noted that the card will expand functionality to include physical multicurrency corporate cards for companies and their employees. “Demand for virtual cards has been accelerating as businesses look for a modern solution to not only transact money, but to also control their finances, optimize spending and enhance their security and protection,” said Kai Wu, Greater China CEO and Group CFO of Airwallex, in a statement.

Corserv Modernizes Commercial Cards For Maine Bank

Machias Savings Bank, a local bank based in Maine, has chosen Corserv to modernize its card product offerings, with a focus on commercial cards. In an announcement, Machias said it decided to find an alternative to the Agent Bank route to rolling out a card program, and landed on Corserv to allow the bank to retain the customer relationship and credit decisioning process. Their collaboration will allow Machias to roll out an enhanced commercial card platform with support for virtual and physical cards, as well as card controls. “Unlike our previous Agent Bank program, Corserv allows Machias to keep the interchange, interest, and fees while also providing access to cardholder data and tools that make it possible for us to provide exceptional service to our customers while advancing their financial health,” said Machias Chief Financial Officer Matt Walsh in a statement.