Visa has teamed up with NovoPayment, a Florida-based payment provider, to support business to business (B2B) transactions in Latin America and the Caribbean.
The two firms will collaborate for business traveller solutions as well as solutions for accounts payables and receivables. They will also work together in ramping up Visa’s bank clients go-to-market strategies.
In Colombia, the firms are facilitating real-time payments for urban delivery businesses in collaboration with a local bank. The initiative, which is the first to be launched under the partnership, will enable courier fleets to electronically procure goods from merchants on behalf of customers through dynamically created Visa accounts.
NovoPayment CEO Anabel Perez said: “Ultimately, by integrating our APIs and collaborating more closely, we are able to help others deliver better customer experiences and create new value chains free of traditional bottlenecks, while capturing new money and data flows.
“Our most recent project in Colombia is a great example of the kind of interoperability and structure required in today’s platform-driven businesses and a hint of what is possible in the future.”
The firms are also working on another project, which aims to simplify payment in the urban mobility and shared transportation sector by enabling drivers to utilise Visa accounts to receive payment for services.
Visa said that the combination of its platforms and APIs with NovoPayment will offer its clients new payment functionalities.
Visa vice president of business solutions for Latin America and the Caribbean Diego Rodriguez said: “These projects with NovoPayment allow us to extend our reach and presence in the region, through different business models, facilitating payments amongst businesses and creating frictionless business-to-business interactions.”