MineralTree Integrated Payables Solution Achieves Visa Ready Approval
Award winning Middle Market Solution further simplifies adoption for Visa-issuing financial institutions
Cambridge, MA, June, 13, 2017 – MineralTree, a leading provider of Integrated Payables solutions for middle market businesses, announced today that it is one of the first companies to join Visa’s new Visa Ready Program for Business Solutions. Visa Ready is a program designed to help its business solution partners ensure that their next generation of third-party payment solutions meet Visa’s security standards and specifications when integrated with Visa B2B payment solutions.
“The Visa Ready approval of the MineralTree Integrated Payables solution is an important milestone for us. It speaks to the strength of our existing relationship with Visa and our mutual desire to enable financial institutions to more easily offer market-leading commercial solutions to help their middle market clients automate their everyday Accounts Payable (AP) processes, ” said BC Krishna, Founder and CEO of MineralTree.
For most companies, AP is a manual, ad hoc, paper-based, risky, poorly controlled process. By offering an Integrated Payables solution to automate AP, financial institutions can solve a painful problem for their middle market clients, while also earning significant new fee income in the form of usage fees and interchange revenue from their commercial card program. MineralTree’s API integration with Visa dramatically simplifies the adoption of the Visa Payables Solutions platform by financial institutions.
“B2B payments innovation has been fueled by businesses always looking to simplify complexities and time spent associated with paying and getting paid, as well as expense reconciliation,” said Vicky Bindra, head, global products and solutions, Visa Inc. “With the introduction of the Visa Ready for Business Solutions program, we are coming together with our technology partners to help quickly and securely bring to life a variety of use cases to meet unique needs of financial institutions and their corporate businesses, large and small, and across different industries”
The MineralTree platform offers a number of key features including:
- Out-of-the-box integration with Visa Payables Solutions for Visa virtual commercial card payments and supplier enablement
- Direct integration with bank and credit card accounts for account balances and transaction reporting
- Out-of-the-box two-way synchronization with popular Accounting/ERP applications (e.g., Intacct, Microsoft Dynamics GP, NetSuite, QuickBooks and Sage 50)
- Automated invoice data capture and online approval workflow
- Payment authorization security and control: segregation of duties, dual approval, two-factor payment verification, authorization limits, Positive Pay support
- Support for multiple payment methods: check, ACH, virtual credit card, and wire
- MineralTree Guaranteed protection against online fraud
- Private-label support for bank branding
Several leading banks have already deployed the integrated MineralTree + Visa solution to their middle market clients; the private label deployment of the MineralTree solutions for a financial institution takes as little as 6 weeks, and middle market business clients can be live within an hour.
MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at middle market enterprises. MineralTree streamlines AP, giving customers unparalleled visibility and significant cost savings in an affordable, integrated platform that is guaranteed secure. For more information visit www.mineraltree.com.
(617) 299-3399 x167