New Visa program advances embedded payments

Visa launched a new program that issuers can use to help businesses embed payments into their products and platforms. The Visa Commercial Integrated Partners program aims to improve connectivity between financial technology firms and Visa commercial products through its commercial platform, the company stated in a press release.

Visa said it will make available advanced APIs to embed Visa products in business partners' applications and make these integrations available to its financial institution clients, allowing them to offer new seamless payment experiences to business customers.

Empowering fintechs and financial institutions

Visa said the Commercial Integrated Partners program provides the ecosystem, technology and framework for innovative fintechs and other business application providers to integrate payment functionalities into their platforms with ease and enable Visa credentials offered by Visa Commercial issuers.

For example, the program allows financial institutions that use Visa's commercial platform to offer their customers virtual payments and data solutions, instead of having to complete direct technical integrations these applications such as ERP (enterprise resource planning) or Fleet management platforms. This helps FIs avoid long or costly technical development and investments in resources, Visa said in its press release.

One of Visa's first partners in the program, Car IQ, is a leader in fleet and vehicle technology enabling integration with the commercial platform. Clients will soon be able to access Car IQ software for their business customers and enable in-app payments with virtual cards at fuel providers, without extensive supplier onboarding or development. This could, Visa noted, potentially save 18-24 months of due diligence, integration work and project management.

"We believe transforming the vehicle into a Visa payment credential for fuel, tolls and services will help banks recapture fleet spend that is currently lost to legacy card programs and private networks," said Sterling Pratz, founder and CEO of Car IQ.

FIs can leverage Visa Commercial Integrated Partners to offer customers enhanced payment solutions, such as payments in ERP, expense management, mobile and vehicle applications, as well as offer tokenization through virtual cards, more elaborate transaction controls and enhanced data on settlements. This not only improves the customer experience but also strengthens the institution's commercial card product offerings and competitive position in the market, Visa said.

FIs also gain access to pre-evaluated fintech partners already integrated with Visa, which will drive faster adoption and implementation.

"Visa Commercial Integrated Partners represents a significant step forward in our mission to empower financial technology providers and financial institutions with innovative digital payment solutions," said Darren Parslow, global head of Visa Commercial Solutions.

"By leveraging our network and Commercial APIs," Parslow noted, "we are enabling our partners to innovate faster, reduce development and distribution costs and deliver superior payment experiences to their clients – it underscores Visa's commitment to driving the future of digital payments and supporting the growth of the fintech ecosystem globally."

Global reach, local implementation

The program aims to support a global network of business partners while addressing local market needs, Visa said, adding that collaborating with regional fintechs and FIs helps ensure the solutions are relevant and effective across different markets.

The program is built on a global framework, allowing for consistent contracting models, data privacy, technology integrations, risk assessment and security standards worldwide. Visa said it also works closely with regional partners to tailor solutions to specific market requirements, supporting a diverse range of partners from global enterprises to local startups.

Partners gain access to the latest payment technologies, enabling continuous improvement and adaptation to emerging trends and needs, Visa added.

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