Synovus to Offer a New Mobile Virtual Visa Commercial Credit Card Solution

Rhea-AI Summary

Synovus has partnered with Visa to launch a mobile virtual commercial credit card solution, enabling businesses to generate and issue virtual Visa cards instantly through a mobile app. This collaboration aims to enhance cash flow management and provide clients with control over corporate spending through specific card settings for employees and vendors. Key benefits include increased visibility on expenses, improved security with unique one-time account numbers, and reduced reimbursement times for businesses.

Positive

• Launch of mobile virtual commercial credit card solution enhances digital banking experience.
• Clients benefit from increased control over spending with customizable virtual cards.
• Enhanced security features reduce fraud risks with one-time account numbers.

Negative

• None.

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus today announced a collaboration with Visa to offer a mobile virtual commercial credit card solution. The new solution enables businesses to instantly generate and send virtual Visa credit cards to employees, vendors, and contractors through a mobile app and leverages Visa Commercial Pay, a suite of business-to-business payment solutions designed to improve cash flow and eliminate manual processes. With the new offering, clients have more visibility and control over corporate card usage as individual cards can be issued with specific spending limits, expiration dates, and merchant restrictions.

Once mobile virtual Visa credit cards are issued and enabled in a digital wallet, they can be used for online purchases or contactless payments with a mobile phone wherever Visa is accepted, without the need for a physical card.

“We’re excited to expand our commercial card portfolio with the offering of a mobile virtual commercial credit card solution with Visa,” said Katherine Weislogel, Head of Synovus Treasury & Payment Solutions. “This launch is a critical step in our efforts to provide clients enhanced digital banking experiences and additional security and flexibility over the management of day-to-day business spend.”

“Businesses are turning to Visa and our financial institution partners to help streamline money movement through digital-first solutions like Visa Commercial Pay,” said Veronica Fernandez, North America Head, Visa Business Solutions. "Through this collaboration, we're excited to help bring enhanced digital and mobile banking experiences to Synovus clients."

Benefits of the mobile virtual Visa commercial credit card solution include:

• Total spend view: Clients have complete oversight to better track, capture, and manage business expenses.
• Flexibility and convenience: Clients will be able to quickly create and distribute virtual cards with relevant spend controls to employees, vendors, and contractors, enabling them to pay on-the-go and eliminating the need for personal card usage.
• Increased spend control: Clients can issue and set controls like spending limits, expiration dates, merchant restrictions, dual approval rules, card usage, and card access at the individual card level.
• Increased security and reduced fraud: Clients can issue virtual cards with strict security controls that allow users to make payments with unique, one-time account numbers that can’t be traced.
• Reduced reimbursements and reconciliation time: Clients save time and effort by automating reconciliation and removing the need for employees, vendors, or contractors to make out-of-pocket expenses.

The mobile virtual Visa commercial credit card solution is the newest addition to the Synovus commercial credit card portfolio.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 281 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005339/en/

Sara Bagdadi

sarabagdadi@synovus.com

Source: Synovus Financial Corp.

FAQ

What is the new offering from Synovus and Visa?

Synovus has launched a mobile virtual commercial credit card solution in collaboration with Visa, enabling businesses to generate virtual cards via a mobile app.

How does the mobile virtual credit card improve cash flow for businesses?

The solution allows businesses to manage spending with specific card limits, enhancing visibility and control over expenses.

What are the security features of Synovus's virtual credit card solution?

The virtual cards use unique, one-time account numbers to enhance security and reduce fraud.

When was the collaboration between Synovus and Visa announced?

The collaboration was announced in a press release dated January 4, 2022.

What benefits do clients gain from using the mobile virtual credit card?

Clients gain total spend visibility, flexibility in issuing cards, increased spend control, enhanced security, and reduced reconciliation time.