Tribune News Network
Doha
Doha Bank is set to be the first bank in the market to officially launch VISA Commercial Pay (VCP) and the first Bank in the CEMEA region to introduce the VCP-Mobile Module, in collaboration with VISA for its Corporate Credit Card clients.
This initiative aligns with the Qatari Government’s vision of digitalising payments, enhancing electronic banking services, and advancing the shift towards a cashless society.
Dimitrios Kokosioulis, Deputy Chief Executive Officer, Doha Bank, expressed enthusiasm about enhancing the bank’s corporate payment solutions in partnership with Visa. "These solutions aim to streamline payments for our corporate clients while augmenting security measures,” he stated. "Our strategic alliance with VISA has enabled us to roll out tailored solutions for our corporate clientele.
The launch of the Doha Bank Visa Virtual Corporate & Purchasing Card on the Visa Commercial Pay reflects our dedication to this longstanding partnership with Visa and our commitment to addressing the evolving payment needs of our economy.”
With this launch, Doha Bank is well-positioned to meet the growing demand from large corporations, align with the government’s objective to digitise all cash-related transactions, and strengthen relationships with their corporate and business clients.
Visa Commercial Pay will boost cash flow, eliminate outdated manual processes, and provide a comprehensive business spend solution. It simplifies payment management, automates reconciliation, and securely delivers virtual card payment information through an intuitive interface.
The Virtual Corporate Credit & Purchasing Card utilises tokenisation technology to replace the actual card number with a unique token during transactions. This feature enhances security and facilitates payments to suppliers and vendors through online platforms, mobile applications or digital wallets like Apple Pay and Google Wallet.
Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait, added, "Our partnership with Doha Bank stands as a testament to our commitment to fostering digital innovation in the financial sector.
The introduction of Visa Commercial Pay marks a paradigm shift in how businesses manage payments, setting a new standard for convenience and security. As we progress, we remain dedicated to working closely with Doha Bank to further tailor our services to meet the growing needs of the local economy.”