Visa Upgrades B2B Payment System
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Visa made it easier for financial institutions to manage their customers online with a $31 million upgrade, the company said on Wednesday.
Member banks can now use VisaNet to manage their consumer credit card portfolios at the individual account level by allowing them to use the full 16-digit card number for identifying a credit card holder. This feature allows them to target offers and rewards to individuals rather than only to groups of customers.
As well, Visa gave merchants the ability to tag a medical purchase as qualified for reimbursement under an employee benefits plan. When employees use a Visa employee benefit debit card to make such purchases, it's automatically validated and logged at the point of sale, so that plan administrators don't need to require paper receipts with reimbursement requests.
VisaNet is Visa's global payment processing system for Visa-branded consumer credit cards. VisaNet facilitated $1.3 trillion in transactions in 2004.
The October Business Enhancement Release was a regularly scheduled, semi-annual upgrade that took 12 months to complete, Visa said.
"The demands of Visa cardholders never stop changing, so we never stop improving and expanding the technology that is at the core of Visa's value," John Partridge, CEO of Inovant, Visa's IT organization, said in a statement.