Comdata, a major issuer of fuel cards in North America, has established a partnership with payments processor Noventis to expand the range of Comdata’s suppliers that can accept payments through virtual cards to further reduce reliance on paper checks.
Noventis’ technology provides for automated straight-through processing to billers, with the capability to automate payments to Comdata suppliers that are already equipped to accept virtual credit card payments, the companies said in a Tuesday press release.
Brentwood, Tenn.-based Comdata, a division of Fleetcor, already pays more than 700,000 suppliers via virtual credit cards, and the multiyear agreement should migrate more payments to Comdata’s virtual Mastercard network, according to the release.
“Both our companies are obsessive about removing friction between buyers and suppliers to enable fast, secure electronic payments. But we’ve been focused on different pieces of the puzzle. Now we can use each other’s technology to improve our own capabilities,” Kurt Adams, president of Comdata’s corporate payments division, said in the release.
Steve Taylor, CEO at Houston-based Noventis, added, “Comdata’s capabilities and scale in card issuing, along with our expertise in processing and accounts receivable posting, aligns perfectly with Noventis’ core mission to accelerate the adoption of electronic payments in the business-to-business sector.”