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Simpler Payments. On the Go. Regions Bank Launches Business Travel Solution for Corporate Banking Clients
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Regions Bank has launched Visa Commercial Pay, a virtual commercial card solution designed for quick and easy business travel payments, targeting Treasury Management clients. This new service allows businesses to centrally manage reservations such as flights and hotels, offering enhanced travel data and automated expense reconciliation through virtual card numbers. Additionally, it provides a streamlined view of expenses through the Visa app. Regions plans further enhancements, including expanding the Visa Commercial Pay options and introducing Regions CashFlowIQ in 2023 to improve cash flow for small and mid-sized businesses.
Positive
Launch of Visa Commercial Pay enhances Regions' Treasury Management solutions.
Facilitates better management of business travel expenses and reservations.
Offers full spend visibility and automated reconciliation through unique virtual card numbers.
Plans for future enhancements and introduction of Regions CashFlowIQ in 2023 to aid business cash flow.
Negative
None.
Visa Commercial Pay is latest enhancement to Regions’ Treasury Management solutions.
BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Bank on Monday announced the launch of a virtual commercial card solution to facilitate quick, easy and on-the-go business travel payments for the bank’s Treasury Management clients.
Regions Bank is launching a virtual commercial card solution to facilitate quick, easy and on-the-go business travel payments for the bank’s Treasury Management clients. (Graphic: Business Wire)
Visa Commercial Pay, offered in collaboration with Visa, the world’s leader in digital payments, and Regions Commercial Card Services, is the latest in a series of enhancements Regions offers its business clients to better manage cash flow and streamline operations. Specifically, this solution enables businesses using a travel management vendor to centrally manage reservations such as air travel, hotel, rail and car rental. It creates a seamless integration option for the reservation process and can deliver enhanced data on employee travel, full spend visibility for all company travel, and automated expense reconciliation through unique virtual card numbers. Additionally, the solution allows business travelers to view all reservations in one place, along with real-time updates on trip expenses, all within the Visa Commercial Pay app.
“Speed, convenience and ease-of-use are more important than ever, and Regions Bank takes a forward-looking approach toward connecting business clients with services that make managing money simpler and more intuitive,” said David LaPaglia, commercial card product and operations manager for Regions Bank. “The more we can make payments, cash flow and operations easier for our Treasury Management clients, the more time they can spend focusing on the core of their business and helping their companies succeed. Business travel is one area that can be particularly time consuming in terms of managing expenses and tracking charges. The Visa Commercial Pay Travel solution aims to fix that.”
Further enhancements are planned, including an expansion of Visa Commercial Pay options beyond business travel support. In addition, Regions plans to launch Regions CashFlowIQSM in 2023. This new tool is being designed to improve cash flow for clients by providing seamless accounts payable, accounts receivable, invoicing, and business bill payment capabilities for small- and mid-sized businesses.
“Regions consistently looks for ways to meet the emerging needs of business clients and provide options that help them simplify operations and focus more on revenue-producing activities,” said Bryan Ford, head of Treasury Management for Regions Bank. “We are committed to being an important resource, and our team is proud to now offer Visa Commercial Pay Travel while creating more enhancements to launch soon.”
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $158 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
What is Visa Commercial Pay launched by Regions Bank?
Visa Commercial Pay is a virtual commercial card solution that enables quick and easy business travel payments for Treasury Management clients.
How does Visa Commercial Pay improve business travel management?
It allows for centralized management of travel reservations, offers enhanced data visibility, and automates expense reconciliation using virtual card numbers.
When will Regions Bank launch Regions CashFlowIQ?
Regions plans to launch Regions CashFlowIQ in 2023, aimed at enhancing cash flow for small and mid-sized businesses.
What are the benefits of using Visa Commercial Pay for businesses?
Businesses benefit from streamlined travel expense tracking, real-time updates, and full visibility of spending through the Visa Commercial Pay app.
What type of clients is Visa Commercial Pay targeted at?
Visa Commercial Pay is specifically designed for Treasury Management clients at Regions Bank.
