Visa is allowing credit card issuers to provide their U.S. commercial accountholders a view of their Amazon Business purchases.
“Tracking and reconciling online purchases made with commercial cards can be a time-consuming task, and at Visa, we are continuously looking for innovative ways to simplify the process,” Vicky Bindra, global head of products and solutions at Visa Inc., said. “Visa’s collaboration with Amazon Business and our bank partners will ultimately help our commercial accountholders in the U.S. spend less time on reconciliation of their purchases and allow more card management options – all with the existing value and cost-savings that come with an Amazon Business account.”
Jennifer Petty, head of card and comprehensive payables for Bank of America Merrill Lynch, said access to this data will help with reconciliation and audit.
Morgan Salmon, global commercial cards B2B product head at Citi Treasury and Trade Solutions, said business-to-business payments require enhanced data for proper audit, reporting and purchasing control.
“We are pleased to join Visa and Amazon Business in offering a streamlined purchase and reconciliation process for our clients,” Salmon said.
Christopher Ward, executive vice president and head of product management for PNC Bank’s Treasury Management division, said straight-through processing is becoming a requirement in today’s digital economy, not a luxury.
“PNC’s ability to collaborate with Visa and Amazon on this initiative will enable us to deliver to our customers’ richer data attached to each transaction, resulting in more efficient processing and a better understanding of their purchasing activity,” Ward said.