With more financial service and technology providers looking to ramp up their offerings for business customers with credit card products, these industry players are finding it easier to collaborate than go-it-alone. This week’s Commercial Card Innovation tracker looks at the latest collaborations with Visa, Mastercard and others to broaden firms’ access to card technology.
OCBC Adopts Visa Commercial Pay Mobile
Singapore-based OCBC Bank is adopting Visa Commercial Pay Mobile technology to bolster its own virtual commercial card offering. The financial institution announced recently that its OCBC Virtual Purchasing Card, which aims to support business payments digitization and a streamlined spend management strategy, will wield Visa’s technology to allow employees of OCBC corporate customers to request a virtual card on-demand via a mobile app. Businesses can then issue the virtual card, which can be used with mobile contactless payment technology as well as for online payments. The Virtual Purchasing Card also offers a B2B offering for supplier payments via virtual card as well as a travel feature to streamline business travel spend.
Bill.com Strikes Corporate Card Takeover
Bill.com has reached a deal to acquire corporate card and spend management solution provider Divvy, reports said. The takeover, which will expand Bill.com’s existing accounts receivable (AR) and accounts payable (AP) offerings, will see Bill.com paying about $2.5 billion for the FinTech.
“We are excited to be joining forces with Bill.com to help SMBs [small to medium-sized businesses] grow and thrive by modernizing and transforming their financial operations,” said Blake Murray, Divvy CEO and co-founder. The deal will create a “one-stop-shop platform that our customers and the market have been asking for.”
WebstaurantStore Taps First Bankcard For Business Card Services
Restaurant supply store WebstaurantStore is rolling out a business card offering and has chosen First Bankcard to provide support. Together, the partners will see the launch of the Webstaurant Rewards Visa Business Card as well as The Restaurant Store Visa Business Card, connecting business customers access to benefits like rewards, cash back, large purchase financing and a new cardholder bonus option. “With the consumer and small business card offerings, we are able to reward our loyal customers with more added benefits than ever before,” said Paige Diehm, director of Financial Reporting, WebstaurantStore.
Pomelo Chooses Mastercard For SMB FinServ
Digital payments platform Pomelo Pay is looking to ramp up its offerings for small to medium-sized businesses, and the U.K.-based FinTech has chosen Mastercard to support its small business credit card ambitions. Recent reports said Pomelo is now able to issue payment cards directly to its SMB customer base for faster access to working capital.
“Partnering with Mastercard is a huge moment in Pomelo’s journey and will play a key part in our mission to help lighten the load for growing businesses by providing a selection of low-cost and user-friendly tools that take the pain out of financial admin,” said Vincent Choi, co-founder and CEO of Pomelo Pay.