FAB partners with Visa to launch virtual card payment solutions for corporates
Abu Dhabi, 14 December 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has partnered with Visa, the world’s leader in digital payments, to launch a comprehensive suite of digital payment solutions for corporate clients.
The launch unveiled a Central Travel Account solution, designed to make it easier for companies to centrally manage travel payments by consolidating and matching key travel data with transactional financial data. This will help corporates in tracking and managing their travel spends and enable them to produce detailed reports highlighting savings.
FAB also unveiled the first Visa Virtual Corporate Cards in the UAE, supported via Visa’s Payables Automation (VPA) solution, to address payment challenges in Business-to-Business (B2B) payments.
Offered as part of FAB’s ongoing commitment to meet the evolving needs of each customer segment, VPA is designed to deliver transaction processing and remittance posting of virtual card payments to suppliers. It benefits businesses by saving time, reducing labour costs, improving cash flow, and providing better security against fraud. The VPA solution has several key features that make it an effective alternative payment method, such as configurable authorisation controls, single use accounts and a highly flexible technology integration approach.
Ramana Kumar, EVP and Head of Payments and Digital Banking, Personal Banking Group, FAB, said: “In partnership with Visa, we have been working on strengthening our payments solutions for corporates and businesses. We are delighted to launch these solutions which are intended to facilitate payments for corporates, in addition to enhancing security features for these processes. Having firmly established ourselves as a leader in the payments space, we will continue to develop relevant solutions across our various customer segments.
Shahebaz Khan, Visa’s General Manager for the UAE, said: “As the global leader in digital payments, Visa strives to provide innovative solutions that address the evolving payment needs of businesses everywhere. The Visa Central Travel Account and Virtual Corporate Cards are both fast-growing and widely accepted digital forms of payment for B2B transactions. These solutions provide an increased layer of security and visibility and help to lower the costs of doing business by providing easy reconciliations and worldwide acceptance. We are excited to partner with FAB to bring these pioneering solutions to the bank’s corporate clients.”