This announcement is posted in newsfile and reports on a new corporate card program made available by Accrualify, a 2015 startup out of San Mateo, that provides a platform developed for enterprise-level accounting teams. The platform automates procure-to-pay processes and vendor management. As Mercator Advisory Group has been advising members now for years, the capability to merge cash cycle processes through digital means is a key method for better working capital management, which is surely a priority these days.
‘ “The digital transformation of payments creates an exciting opportunity for us to leverage our accounts payable automation technology with Visa’s global payment network to give corporate finance teams a complete spend management solution,” said Benjamin Portusach, CEO of Accrualify. “We are working to transform spend management. Our Corporate Card Module now has the global leadership and payment expertise of Visa to put us at the forefront of digital B2B payments.” ‘
Although we have not been briefed on the particulars, ‘corporate cards’ in this case is a general term incorporating any use case, which can include travel, MRO and payables. The program allows a company to set up both distributed plastics and/or virtual card numbers for single use scenarios. There is no mention of which bank(s) might be sponsoring issuance, nor could we find any on the site, but the program is specific to Visa rails.
As readers may know, the pandemic has accelerated interest in card acceptance given the speed of settlement and working capital flexibility inherent with the credit product. Being able to integrate corporate cards into cash cycle processes such as procurement enhances flexibility for FPs to achieve greater control and efficiency into their flows. The announcement also states that Accrualify is part of the Visa Fast Track program, which provides startups with some visibility and collaboration benefits.
‘Visa’s payment infrastructure will help provide new and existing Accrualify customers with a scalable corporate card product that allows them to issue virtual cards and plastic corporate cards…Visa’s Fintech Fast Track Program provides startups like Accrualify with the ability to access Visa’s growing partner network, and experts who can provide guidance in helping them get up and running in the most efficient way possible. Accrualify’s participation in the program has opened opportunities for numerous partnerships and allowed for the release of innovative products such as Accrualify’s Visa corporate card program.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group