MineralTree, a payment automation solution provider, has formed a strategic alliance with Visa to drive the growth of accounts payable (AP) payments using commercial virtual cards.
The deal will see MineralTree integrating its platform with Visa Payables Solutions.
“Many financial institutions have recognized the opportunity to help middle market businesses automate AP with virtual commercial cards, but have not been able to offer an easy to implement and easy to use solution that fully automates the process,” MineralTree said in its press statement.
“Financial institutions will now be able to offer this platform to help middle market businesses improve cash flow, make real-time payments, increase security, and rely less on paper checks,” the statement noted.
Commenting on the partnership, MineralTree CEO BC Krishna said: “We are honored to enter into this strategic alliance with Visa. It is the latest example of our commitment to provide middle market businesses with market-leading invoice and payment automation solutions that improve efficiency, optimize cash flow, mitigate risk, and support their growth by enabling them to do more with less. Using credit cards for business payables is something our customers want and need.”
Vicky Bindra, head of Visa Global Business Solutions, said: “Enabling Visa virtual commercial card payments through the MineralTree platform is an example of how Visa seeks to bring innovative new solutions to middle market companies and support our issuing financial institutions focused on the needs of this critical segment.”