Payments technology provider Regal Software has signed an agreement with Mastercard to offer a corporate virtual card solution for financial institutions that lack an integrated payables platform.
The new RegalOne application is intended to allow regional and community banks provide an integrated virtual card platform to their corporate customers.
The new solution will be powered by Mastercard In Control for Commercial Payments (In Control). In Control facilitates secure generation of virtual accounts to pay for specific purchase requests.
RegalOne can instantly offer a branded corporate accounts payable platform. It features the Regal LightAgent, which connects any accounting system to In Control without the need to create a payment file.
The new virtual card solution will enable corporate AP departments to manage their own payables and the payment can be handled by their bank’s platform.
This eliminates the requirement for the bank to handle a corporate customer’s complete accounts payables process.
Regal Software founder and CEO Kofi Conduah said: “Accounts payable departments are essential to the operations of any company, we understand that, so we are not trying to replace or reduce its role.
“Our aim is to provide technology that enables our bank partners to offer AP departments a more efficient way to pay vendors, not take over or disrupt their operations. We are excited to partner with Mastercard to make this possible.”