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.
- Set up one or multiple common buyer templates or configurations via the Create Buyer Template API.
- The system provides a unique Template ID for the issuer.
- Create an individual buyer via the Create Buyer API. If you are using a template, you can use the Template ID to populate most of the buyer information. Only buyer-specific information such as buyer contact information and processor information needs to be provided.
- The system creates the buyer in Visa Payables Automation (VPA) and any other applicable downstream systems.
- Then, if you are using VIP pseudo accounts or TSYS VANs, you can add a funding account to the buyer's profile via the Create Funding Account API.
- Create a proxy pool to support your single-use virtual account needs via the Create Proxy API. For VIP pseudo accounts and TSYS VAN-enabled buyers, this action will automatically trigger account provisioning from the token vault.
- Update or view buyer details, proxy details, and funding account details through additional APIs.
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.
- Buyer generates a payment instruction file and sends to you (third party).
- You (third party) make API calls for payment processing.
- The system sets controls on the account for Supplier Initiated Payments (SIP); it submits Straight through Processing (STP) transactions to acquirer for processing.
- The system sends confirmation of payment processing via API response.
- The system sends an optional remittance notification and/or an optional file to the supplier.
- 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.
- The system matches the settlement with the payment.
- The system sends the reconciliation data via API or file to you (3rd Party).
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.
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.
Enhanced Accounts Payable Experience
Accelerate and streamline the accounts payable process.