Today MineralTree, the Accounts Payable and Payment Automation solution provider for middle market companies, announced a strategic alliance with Visa to integrate the MineralTree platform with Visa Payables Solutions to drive the growth of Accounts Payable (AP) payments using commercial virtual cards.
“We are honored to enter into this strategic alliance with Visa,” said BC Krishna, CEO of MineralTree. “It is the latest example of our commitment to provide middle market businesses with market-leading invoice and payment automation solutions that improve efficiency, optimize cash flow, mitigate risk, and support their growth by enabling them to do more with less. Using credit cards for business payables is something our customers want and need.”
Many financial institutions have recognized the opportunity to help middle market businesses automate AP with virtual commercial cards, but have not been able to offer an easy to implement and easy to use solution that fully automates the process. Financial institutions will now be able to offer this platform to help middle market businesses improve cash flow, make real-time payments, increase security, and rely less on paper checks.
“Middle market businesses need solutions that can help improve cash flow while seamlessly automating financial processes,” said Vicky Bindra, Head of Visa Global Business Solutions. “Enabling Visa virtual commercial card payments through the MineralTree platform is an example of how Visa seeks to bring innovative new solutions to middle market companies and support our issuing financial institutions focused on the needs of this critical segment.”
The MineralTree platform offers a number of key features including:
Out-of-the-box integration with Visa Payables Solutions for Visa virtual commercial card payments and supplier enablement
Direct integration with bank and credit card accounts for account balances and transaction reporting
Out-of-the-box two-way synchronization with common Accounting/ERP applications (e.g., Intacct, Microsoft Dynamics GP, NetSuite, QuickBooks and Sage 50)
Automated invoice data capture and online approval workflow
Payment authorization security and control: segregation of duties, dual approval, two-factor payment verification, authorization limits, Positive Pay support
Support payments by multiple methods: check, ACH, virtual credit card, and wire
MineralTree guaranteed protection against online fraud
Private-label support for bank branding
Contributed | what does this mean?