Working to help corporations streamline their processes for business-to-business transactions, Total System Services Inc. has launched a new commercial payment product leveraging virtual account numbers.
TSYS Virtual Payment Precept builds on the company’s existing technology to improve B-to-B payments by delivering secure, virtual single-use account transactions in real time, the Columbus, Ga.-based processor announced May 23.
The solution adds greater control and flexibility around account and transaction types used for B-to-B payments, according to a press release. For issuers, the new product aims to reduce fraud costs and encourage commercial card usage.
Nearly eight out of 10 corporations are shifting B-to-B payments to electronic channels, according to data TSYS cited from the Association for Financial Professionals, and TSYS designed its new product to meet rising demand in North America, the company said.
“This new solution will provide the proper scalability for the aggressive growth projected in this market,” said Scott Yarbrough, TSYS group executive of commercial services, in the release.