Virtual Cards Can Be a Valuable Component of Treasury & Corporate Payments Strategy
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For over a decade, TIS has provided a leading cloud solution that streamlines end-to-end corporate payment generation, execution, and reporting workflows across virtually any country, currency, bank, and channel. As a component of these global services, TIS has also begun to deploy smart-routing and modality programs within specific regions for additional savings and efficiencies.
One such example involves our payment modality solution within North America and the U.S.
The TIS U.S. modality program, developed in collaboration with leading industry partners, helps businesses simplify domestic B2B activity across their full scope of payment options, including checks, wires, ACH, cards / virtual cards, and more. By using our solution, companies can simply deliver a single payment instruction file to TIS and thereby reduce the number of payment files, systems, and methods deployed for executing transactions. This ultimately enhances workflow automation and operational efficiency while also driving financial cost-savings and rebates.
In recent years, one of the most pivotal elements of this modality program for organizations has involved the deployment of virtual cards to increase the potential for rebates and cost-savings. Today, the virtual card component of TIS’ modality program is one of several channels through which domestic payments can be routed. However, it remains one of the most cost-effective options – especially for companies without an existing v-card solution in place – due to the high rebates, streamlined execution, and low cost of implementing the service. For this reason, v-cards continue to be a popular mechanism for managing U.S. B2B payments.
Download the full TIS V-Cards factsheet below to learn more about the benefits and utility of the program!