Visa B2B Integrated Payments launches in Australia

Australian banks have partnered with Visa to launch the Visa B2B Integrated Payments solution in Australia, which will allow businesses to automate many of their B2B payments.

The collaboration with ANZ, NAB, HSBC and Westpac aims to reduce the time business owners need to spend on administrative tasks, and to enable them to seamlessly pay even those suppliers that do not accept card payments.

Visa B2B Integrated Payments is embedded into the SAP Business Technology Platform, and will be usable by Australian business owners using the SAP platform. The solution will also provide businesses with easy access to efficient working capital.

Visa President of Commercial and Money Movement Solutions Chris Newkirk said the solution can simplify the process of B2B payments.

“Australians want B2B payments to be as simple and intuitive as the seamless payments they experience as consumers. This milestone will help address common pain points faced by business owners, helping to close working capital gaps and digitise B2B payments across supply chains,” he said. “For a growing company managing multiple suppliers, payment processes can be automated to reduce the risk of late fees, allowing them to focus on improving their product offerings and customer service while effectively managing supplier payments and cash flow.”

ANZ Head of Transaction Banking for Australia and PNG Philippa Campbell said the collaboration aligns with the company’s commitment to helping customers streamline their process and elevate payment workflows.

“This new partnership with Visa and SAP complements our existing payment options, seamlessly integrating financial solutions into the systems our customers already use, providing choice while driving efficiency and innovation,” she said.

NAB Executive for Business and Private Transaction Banking Paul Riley said NAB is focused on making things simpler and quicker for customers.

“We’re excited about partnering with Visa on innovations like VBIP which will help business owners simplify procurement and pay their suppliers faster so they can spend more time on the things that matter,” he said.

Westpac Managing Director of Global Transaction Services Jeff Byrne added that providing customers with novel payment capability is an important part of the bank’s offer.

“We are pleased to be able to offer VBIP embedded payments within the SAP environment as it provides our customers the ability to pay suppliers with a card embedded in their B2B payment flows,” he said.

Image credit: iStock.com/ljubaphoto