Today, Visa Inc. has become the first card network that allow 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 reconciliation tools.
“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 account.”
“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.