B2B Virtual Account Payment Method

Flexible and secure payment method for B2B market segments using virtual accounts.

B2B Virtual Account Payment allows you to use virtual accounts to automate the process of paying your suppliers. You can develop flexible solutions across industries and segments. For example, virtual account embedded within the procure-to-pay cycle.

available for use by:

Issuer Banks
Independent Developers
Visa Transaction Control

Automate the process of paying suppliers and alternative payment needs

The B2B Virtual Account Payment Method involves a suite of APIs which allows you to use virtual accounts to automate the process of paying your suppliers. Additionally, the B2B Virtual Account Payment Method can enable you to develop flexible solutions across industries and segments. Whether it is a virtual account embedded within the procure-to-pay cycle, a virtual account used for payer-to-provider payments, or a virtual account used in the travel booking process, the B2B Virtual Account Payment Method will streamline the payment process.  

Key Features

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Automate the processing of payments using virtual accounts.

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Support for supplier initiated payments and buyer initiated payments.

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Reduce risk of unauthorized card activities by establishing authorization controls on the account used for payment.

Why Use It?

The B2B Virtual Account Payment Method can benefit both issuers and their commercial clients as well as third parties organizations. It allows additional functionality to be incorporated into payment flows through the use of automation.  The value of the B2B Virtual Account method includes: 

  • Automate payables processing.
    • Submit payment instructions to meet their payment needs.
    • Automatically generate and distribute supplier payment remittances.
  • Place account controls on purchases.
    • Reduces risk of unauthorized card activities by allowing the supplier to collect only approved invoice amounts.
  • Ease reconciliation.
    • Streamlines reconciliation of the payments with the card account settlements as they clear.
    • Generates reconciliation files.
  • Offer flexibility through Virtual Payment Requisition.
    • Request an account with additional spend rules.
    • Select from wider range of account controls.

How Does It Work?

The B2B Virtual Account Payment Method system can be used to develop end-to-end payables solutions for automating the process of paying your suppliers. You will need to use several of the APIs described in the below section to accomplish this. This section explains high level payment processing flow for clients who are looking for an end-to-end payables solution.

 

Step 1: Buyer generates a payment instruction file and sends to you (third party).

 

Step 2: You (third party) make API calls for payment processing.

 

Step 3: The system sets controls on the account for Supplier Initiated Payments (SIP); it submits Straight through Processing (STP) transactions to acquirer for processing.

 

Step 4: The system sends confirmation of payment processing via API response.

 

Step 5: The system sends remittance notification and/or an optional file to the supplier.

 

Step 6: Supplier collects the payment using the card sent in the payment advise notification for SIP transactions; In the case of BIP (buyer initiated payments or STP) funds are deposited directly to supplier’s merchant account for STP transactions.

 

Step 7: The system matches the settlement with the payment.

 

Step 8: The system sends the reconcilliation data via API or file to you (3rd Party).

APIs Included

Account Management Service

The Account Management web services are used to manage payment controls for existing card accounts and to request virtual accounts while setting controls. The end points allow you to do the following: retrieve status of new account requests, view authorization rules, submit virtual card requisitions for an employee, and retrieve security code (CVV2) details of an existing account.

Payment Service

The Payment web services are used for processing payments (SIP and BIP) and sending the payment remittance information to the appropriate suppliers. Additional functionality includes resending payments, retrieving existing payment details, receiving the secure URL to access account, as well as canceling an existing payment(s).

Supplier Service

The Supplier web services allow you to create, update, delete (disable) a supplier you would like to pay.

Single Use Account Pool Maintenance Service

The Single Use Account Pool Maintenance web services are used to manage a pool of Single-Use Accounts (SUAs) linked to a proxy pool. When processing payments using a SUA proxy, the system will pick an available account from the proxy pool and sets the applicable authorization rules (sets the exact match rule and the spend velocity rule).

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