“Enhance credit card acquiring services proposition”, “offer a payment gateway solution”, “offer multicurrency cards”, “enable virtual cards issuance on spot”, “virtual cards with issuance in multiple currencies”, “integration with [TMS/ERP system] for cards solution” were loud and clear demands of corporate treasurers who participated in the Euromoney Cash Management Survey 2024.
The B2B card payments market continues to evolve
Earlier in November, Emirates NBD confirmed that it will be using Mastercard’s virtual card technology to enable travel agencies to streamline travel payments to suppliers. In October, American Express announced a new offering from Boost Payment Solutions to provide commercial virtual card processing services.
In a conversation with Euromoney, Faisal Jafri, regional head of commercial cards - Americas at HSBC, notes that growth in card payment has outweighed other forms of payment in the last five years because it is uniquely positioned to provide enhanced data in a transaction, allowing businesses to control spending and reduce admin from the payment ecosystem.
