Lloyds Bank is rolling out virtual cards in partnership with Visa

Lloyds Bank’s partnership with Visa will allow the financial company to up its game in the business spend management sector, as the two are working on rolling out virtual cards.

In addition to its partnership with Visa, the bank is also inking an agreement with SAP Concur, aiming at automated invoice administration.

Lloyds joins up with Visa to roll out virtual cards

Visa, one of the two global leaders in credit and debit card providing, offers a type of card known as the Visa Commercial Pay card. These cards can be issued either by batch or individually. Their largest benefit is that they offer real-time control, meaning that various business administrators and managers get to manage spending closely within their respective teams.

However, the card company’s product allows controls to be applied to enable when, where, what, and who can be paid, upping the level of payment customization higher than ever. This means that employees can submit a request for a virtual card for their business-related purchases.

They can then use the card in almost any way, whether it is a contracted spend, a subscription payment, an ad-hoc purchase, or a business travel. However, for Lloyds, the options do not end there.

Thanks to the fact that the bank has additionally integrated the cards with SAP Concur, the travel and expense management system, they can also offer automated payments to suppliers. Best of all, there is no requirement for an invoice in this context.

Lloyds is upping its game to stay relevant in the evolving digital payments sector

The move is clearly meant to open doors into business spend management, which has proven to be quite an administrative challenge. A number of fintech startups have attempted to address the issues over the last several years, with varying levels of success.

However, their move to redesign the playing field has made traditional banking look quite outdated, regardless of how successful. On the other hand, Lloyds seeks to remain relevant in the new age of banking, especially with the wave of startups posing a threat to its business, just like it does to other banks.

This is why the bank has rolled out virtual card service, deciding that it is better to evolve than be phased out by more modern alternatives. Its connections with Visa and SAP Concur both represent the first case where the UK bank has made such a move, cementing Lloyds’ position as an innovator and currently the only British bank willing to take the step forward.

The bank’s head of commercial cards, James Sykes, said that the financial institution is proud to have developed this new solution with Visa, and to be the first bank in the country to link its Virtual card solution to SAP Concur’s Invoice Payment System. “We’ve worked hard to create a solution that offers a secure, simplified process that enables businesses to pay their suppliers earlier while protecting their working capital,” he said.