TSYS rolls out new commercial payment solution

TSYS has launched a new commercial payment solution.

TSYS rolls out new commercial payment solution

Payment solutions provider TSYS has launched a new commercial payment solution that will streamline business-to-business (B2B) virtual payments and enhance the ePayables process flow.

The new solution, TSYS Virtual Payment Precept (VPP), minimises risk, enhances operational efficiency and increases control over accounts payable and accounts receivable payments and reconciliation, the company said.

The platform, which is currently available to commercial card issuers across North America, leverages the company’s existing technology with an improved processing design to deliver secure, virtual single-use accounts in real time.

TSYS group executive of commercial services Scot Yarbrough said: “With increasing demand, it is vital to have the most secure and cost efficient process in place to facilitate these transactions. We have anticipated this need and delivered a solution that enables our issuing clients to offer cutting edge technology to their corporate customers.

“This new solution will provide the proper scalability for the aggressive growth projected in this market while leveraging TSYS’ proven security and reliability.”

Nearly 80% of companies are transitioning to electronic payments for B2B transactions, according to a recent report from the Association for Financial Professionals.