OCBC Taps Visa Commercial Pay To Digitise B2B Payments
(11 May 2021 – Singapore) OCBC is leveraging the Visa Commercial Pay Mobile solution as part of its first virtual purchasing card product.
The OCBC Virtual Purchasing Card enables businesses to digitalise and streamline all of their payment requirements while providing real-time visibility into employee spending, alongside captured data regarding automatic reconciliation. With this, businesses can better identify core spending categories and carry out more effective price negotiation with their suppliers.
Virtual cards issued can be for single or recurring use, with pre-defined control parameters. These control parameters can cover spending limits, a validity period or even a specific category of goods and services.
“The OCBC Virtual Purchasing Card is very relevant to businesses today. It is a highly secure payment solution that gives a bird’s-eye view on spending – which is data that many businesses do not yet have access to today,” said OCBC Bank head of global transaction banking Melvyn Low.
“We believe it is important for us to work with our partners, such as OCBC Bank, to introduce innovative solutions that will benefit corporates, including the ability to issue virtual commercial cards instantly to employees of [organisations] so they can make business payments seamlessly,” said Visa country manager for Singapore and Brunei Kunal Chatterjee.
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