Visa has formed a new partnership with Amazon to provide Visa commercial card customers with a comprehensive view of transaction data from Amazon Business purchases.
Visa's U.S. commercial card customers at supporting banks may now search, compare and buy products from various suppliers on Amazon Business, with the ability to track and analyze purchases using full line-item details, Visa said in an April 10 press release.
Bank of America Merrill Lynch, Citi and PNC Bank are the first three banks to offer the new service to customers who use Visa commercial cards to buy supplies from Amazon Business, with the goal of enhancing end users’ ability to manage expenses.
Benefits include tools to track multiple shipments and purchases on a single account and the ability to customize accounts by allowing multiple users and establishing spending limits, with free two-day shipping on orders of at least $49.
“Tracking and reconciling online purchases made with commercial cards can be a time-consuming task, and at Visa we are constantly looking for innovative ways to simplify the process,” said Vicky Bindra, global head of products and solutions at Visa, in the release.
The new service supports straight-through processing, which is becoming a requirement for many businesses, said J. Christopher Ward, executive vice president and head of product management for PNC Bank treasury management, in the release. “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 purchasing activity.”