Bank of America Merrill Lynch, Citi and PNC Bank first to help their
corporate customers streamline expense management
SAN FRANCISCO--(BUSINESS WIRE)--Apr. 10, 2017--
Today, Visa Inc. (NYSE:V) has become the first card network to enable
participating issuers to provide their U.S. commercial accountholders a
comprehensive view of their Amazon
Business purchases. The new enhanced transaction data functionality,
initially available to Bank of America Merrill Lynch, Citi and PNC Bank,
N.A., U.S. commercial accountholders through Amazon Business, provides
full line-item details on Amazon Business customers’ purchases made with
their Visa commercial card and can seamlessly integrate with popular
“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,” said Vicky Bindra, global
head of products & solutions at Visa Inc. “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
Amazon Business allows registered businesses and their designated Visa
commercial accountholders to easily make business purchases, and
provides them with unique and valuable benefits, including:
Ability to search, compare and buy products from a variety of
suppliers, including business-only selection and pricing.
Free Two-Day Shipping on eligible orders of $49 or more.
Tracking of multiple shipments and purchases on one account to help
eliminate the hassle of dealing with multiple suppliers and invoices.
Full line-item detail on Amazon Business purchases for improved
visibility and enhanced analytics.
Customized account-management tools, such as ability to set up
multi-user accounts and spending limits.
Financial Institutions Enabling Enhanced Transaction Data on
Today, three Visa clients across the U.S. are enabling this new
functionality for their commercial cardholders on Amazon Business.
“As organizations’ buying patterns move toward online marketplaces,
access to this critical data will help with reconciliation and audit,”
said Jennifer Petty, head of Card and Comprehensive Payables for Bank of
America Merrill Lynch. “We’re excited to announce this strategic
relationship with Visa and Amazon Business to deliver this valuable
service to our clients.”
“B2B payments require enhanced data for proper audit, reporting and
purchasing control,” said Morgan Salmon, global commercial cards B2B
product head at Citi Treasury and Trade Solutions. “We are pleased to
join Visa and Amazon Business in offering a streamlined purchase and
reconciliation process for our clients.”
“In today’s ever-evolving digital economy, straight-through processing
is becoming a requirement, 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,” said J. Christopher Ward, executive vice president and head
of Product Management for PNC Bank’s Treasury Management division.
For more information about the enhanced transaction data functionality
for Amazon Business customers, please visit https://usa.visa.com/run-your-business/amazonbusiness.html.
To learn more about the benefits of having an Amazon Business account,
please visit www.amazon.com/business.
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit https://usa.visa.com/
View source version on businesswire.com: http://www.businesswire.com/news/home/20170410005315/en/
Source: Visa Inc.
Aida Hadzibegovic (U.S.), 415-805-4242