Visa and Conferma Pay Join Forces To Enhance B2B Digital Wallet Proficiency
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Visa has announced a strategic partnership with Conferma Pay. This alliance seeks to allow financial institutions to incorporate business cards into workers’ digital wallets. Visa stated that digital cards that are connectable to third-party wallets like Google Pay and Apple Pay will enhance flexibility, security, and convenience for corporate users.
Visa is an international payment card provider in America. Its headquarters is located in San Francisco, California. It enables transfers of electronic funds across the world mainly utilizing Visa-branded prepaid cards, debit cards, and credit cards.
The Visa Commercial Pay Aims To Offer A Secure Payment Service To Businesses
The innovative Visa Commercial Pay Mobile is set to offer a business token account with customized payment controls. It makes use of a tokenisation system that Visa states reduces the risk of fraud. It also provides a safe payment structure while allowing companies to start transactions effortlessly. Regions Bank is the foremost lender to launch the system for its Treasury Management clients.
Senior Vice President of Global Products at Visa Commercial Solutions, Gloria Colgan, stated that the company is equipping firms with instant and secure payments. It gives them the mobility and flexibility of digital mobile transactions; this is very important in today’s fast-paced business world.
In the meantime, Visa Commercial Pay is already accessible in EMEA, Asia Pacific, and North America. It is also extending into the Caribbean and the Latin America region.
Visa Wants To Revolutionize The Banking System
In 2014, Visa’s worldwide network, VisaNet, handled 100 billion transactions and processed a combined value of $6.8 trillion, as reported by the Nilson Report, which monitors the credit card sector.
Visa was established in 1958 by Bank of America (BofA) also known as the BankAmericard credit card program. In response to Mastercard, BoFa initiated the licensing of the BankAmericard program to other banks in 1966. Furthermore, BoFA relinquished its direct control of the BankAmericard Program, establishing an alignment with other BankAmericard issuers to assume control.
Almost all global Visa transactions are processed through VisNet, which operates within the company’s one of four secure data centers situated in countries such as Singapore, England, Colorado, and Virginia.
These facilities are extensively secured against terrorism, crime, and natural disasters with the capability to operate independently from external utilities and among each other if necessary. The platform can perform up to 100 billion computations per second and also has the potential to process up to 30,000 simultaneous transactions.
