B2B Virtual Account Payment Method

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

available for use by

Regional Availability

View Details
  • N. America
  • Asia-Pacific
  • Europe
  • CEMEA
  • LAC

FEES & Terms

Free to use in Sandbox. Contact for Production fees. Product terms located at end of the page.

VPA

Request virtual accounts for automating supplier payments and other employee spend

The B2B Virtual Account Payment Method involves a suite of APIs which allows you to use virtual accounts to automate the generation of virtual accounts. 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, used for payer-to-provider payments, generated for ad-hoc employee purchases, or used in the travel booking process, the B2B Virtual Account Payment Method will streamline the payment process.  

Key Features

Descriptive image text here

Automate the processing of payments using virtual accounts.

Descriptive image text here

Support for supplier initiated payments and buyer initiated payments.

Descriptive image text here

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

API
Descriptive image text here

Request virtual accounts and create customizable payments in a matter of seconds. Gain operational efficiencies with a more cost-effective payment solution

Product Details

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: 

  • Offer flexibility with Request Virtual Account.
    • Request an account with additional spend rules.
    • Select from wider range of account controls.
  • Configure buyers for immediate use.
    • Create and manage configuration settings for corporate buyers.
    • Set up account pools for single use accounts.
    • Create and manage funding accounts for pseudo accounts or VPP VANs.   
    • Obtain details for any aspect of buyer setup on demand. 
  • 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.
  • View status of authorization controls.
    • Provides a list of all authorization controls set on an account at any given time.
    • Obtain the current accruals on an account, and what is still available for authorization.
  • Ease reconciliation.
    • Streamlines reconciliation of the payments with the card account settlements as they clear.
    • Generates settlement data and reconciliation files.

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, requesting virtual accounts, and setting controls for travel and other use cases. There are two flows in the below section. The first highlights the implementation process of a buyer, and the second highlights the process of paying a supplier.

Input RVA Flow

 

This section explains high level payment processing flow for clients who are looking for an end-to-end payables solution. Select a subset of APIs based on your unique use case. 

  1. Buyer generates a payment instruction file and sends to you (third party).
  2. You (third party) make API calls for payment processing.
  3. The system sets controls on the account for Supplier Initiated Payments (SIP); it submits Straight through Processing (STP) transactions to acquirer for processing.
  4. The system sends confirmation of payment processing via API response.
  5. The system sends an optional remittance notification and/or an optional file to the supplier.
  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.
  7. The system matches the settlement with the payment.
  8. The system sends the reconciliation 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, request virtual accounts while setting controls, and manage funding accounts associated with Visa pseudo accounts and TSYS VANs. 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, create, update, and view funding accounts, 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 requests using SUAs, the system will pick an available account from the proxy pool and sets the applicable authorization rules. The endpoints enable you to: create proxy pool(s) for a buyer, update details of the proxy, delete unused proxy pools, and get details about an existing pool (e.d. number of available accounts).

Buyer Management Service

The Buyer Management Service provides self-service capabilities that simplify and reduce the implementation process for new VPA buyers (and secondary platforms).  Buyers can be created from scratch or from a pre-defined Buyer Template.   Either way, these APIs help streamline the process and increase the speed of buyer deployments, as well as provide third parties with insight into the buyers’ configurations for troubleshooting. 

Related Content

Women traveling

Request a Virtual Account and Set Controls

Third party FinTechs can request virtual accounts on behalf of a commercial issuer and specify account controls for digital presentment.

Fraedom team

How Fraedom Uses Visa APIs

Fraedom, a global financial technology company, integrated B2B Virtual Account Payment Method into its existing technology platform to enhance and automate the way thousands of businesses manage their supplier payments and employee expenses.

Women at a bakery

Enhanced Accounts Payable Experience

Accelerate and streamline the accounts payable process.

Ready to start with B2B Virtual Account Payment Method?
Need Support?