Visa, a global leader in payments, has struck an accord with another payments mogul, Stripe, to enable consumers without a Visa card access Visa’s Payables Automation services. By inducting Stripe into the loop, users can avail Stripe Connect services to be a part of Visa’s Payables Automation services.
The Payables Automation services are essentially a B2B platform which enables buyers to employ, manage, and pay suppliers according to their needs.
Financial institutions which hold Visa’s commercial card portfolio can also use Visa Payables Automation. There are currently 30 active markets around the globe for this service.
Nursing the advent of digital payments
With a significant amount of the global financial industry moving online, the payments sector has also reaped the benefits of digitization. To significantly grow its consumer base, Visa inducted the up-and-coming startup Stripe into their services forum.
Explaining the motive of the initiative, the need for development Visa exec, Chavi Jafa pointed out that businesses stand to make more efficient and reliable transactions using products like Visa’s Payables Automation services.
“When a buyer needs to pay a supplier, the enhanced Visa Payables Automation platform allows seamless digital payments experience. The supplier will be prompted to register with Stripe Connect, provide a bank account number, and start accepting payments”, said Chavi Jafa, about the ease in business with Visa and Stripe’s collaboration.
Improved productivity and decreasing errors and frauds are the hallmarks of a growing business, and they can be achieved through digital payments.