Visa, Billtrust to streamline B2B payment reconciliation

Billtrust and Visa have joined forces to increase the efficiency of B2B payment reconciliation and virtual card payment automation.

Billtrust’s Virtual Card Capture integrates with Visa’s Straight Through Processing (STP) to streamline the receipt and reconciliation of Visa issuer virtual commercial and payments.

Taira Hall

“One of the key pain points for companies is the time and resources it takes to process payments,” said Taira Hall, vice president, US partnerships & new initiatives, business solutions at Visa.

“Collaboration with leading partners like Billtrust helps our financial institution clients streamline B2B payments, support supplier needs, and simplify the process suppliers have to go through in order to accept a payment.”

STP allows a purchaser to directly initiate a Visa commercial credit transaction from their ERP or accounting solution to simplify accounts payable.

With Billtrust’s Virtual Card Capture, payments sent to Billtrust suppliers are routed to Billtrust for processing and the funds are deposited into a supplier’s bank on the next business day. Further, the remittance is consolidated across all payment sources and matched to open invoices in any ERP.

“The integration of Visa’s STP and our Virtual Card Capture enables suppliers to more expediently manage a highly manual, cumbersome payment process,” said Flint Lane, Billtrust CEO.

“With the increasing popularity of virtual cards in the B2B market, we’re solving what is quickly becoming a very critical pain point for A/R teams – one that impacts their cash flow, customer satisfaction and operational efficiency.”

Flint Lane, Billtrust CEO

“The ability to consolidate payments from all payment sources and reconcile those payments to the remittance information is the embodiment of the frictionless payments concept,” said Erika Baumann, senior wholesale banking analyst, Aite Group.

“The partnership between Visa and Billtrust represents a strategic opportunity for thought leaders in the industry to serve their mutual clients by providing a path to frictionless integrated payments.”

Visa has also made a strategic investment in Billtrust to help accelerate Billtrust’s growth strategy.