Visa adds fraud checks for business virtual card payments

Visa has launched new tools to make business virtual card payments safer. The set is called Visa Commercial Fraud Solutions. Visa announced it on Wednesday, Oct. 21, as part of a push to bring what it calls "trust and control" to business payments.

What changed

A virtual card is a card number a company uses to pay a supplier, with no physical card involved. Visa says the new tools cover three stages of a payment. They help make sure money reaches the intended supplier and verify card users through 3-D Secure, an extra identity check. They also let businesses set limits.

• Spend amount
• Merchant category
• Location
• Timing

Why Visa is doing this

Visa cites Juniper Research, which expects business virtual card payments to reach $14.6 trillion by 2029, or 83% of the global market. As use grows, Visa says companies face more pressure to confirm suppliers are real, users are verified and payments go as intended.

One day earlier, Visa announced a pilot with BILL and Billtrust. It lets AI agents, meaning software that acts on a company's behalf, pay approved invoices from start to finish through supplier portals.

What is not known yet

The release as reported does not say when the tools reach customers, what they cost or which banks and card providers will offer them. Owners who pay suppliers by virtual card can ask their provider whether these controls are available.