Regal Software Signs Agreement With Mastercard to Provide a Turnkey Corporate Virtual Card Platform to Regional and Community Banks
Partnership will enable banks to offer automated virtual cards for corporate payables without a huge investment in technology
PURCHASE, N.Y., October 9, 2018 (Newswire.com) - Regal Software today announced an agreement with Mastercard to provide a turnkey solution for financial institutions that today do not have an integrated payables platform which offers virtual card payments to their corporate customers.
RegalOne®, the new application, will enable regional and community banks to offer an integrated virtual card solution to their corporate customers without the huge investment in a backend treasury system.
Regal Software will leverage Mastercard In Control for Commercial Payments (In Control) and allow banks to instantly offer a branded corporate accounts payable platform to their corporate customers interested in leveraging virtual cards to improve payment efficiency and reduce cost. In Control enables authorized users to securely generate virtual accounts to pay for specific purchase requests for easier reconciliation by both buyer and supplier.
Unlike other payables platforms that require customers without an API enabled ERP to create and submit a payment file, RegalOne provides a patent-pending Regal LightAgent that connects any accounting system to In Control without the customer having to create a payment file.
The corporate customer is also not required to hand over its entire accounts payables process to the bank. RegalOne will allow the corporate AP departments to manage their own payables and then have the payment handled efficiently by the bank’s platform.
“Accounts payable departments are essential to the operations of any company, we understand that, so we are not trying to replace or reduce its role,” said Kofi Conduah, Founder and CEO of Regal Software. “Our aim is to provide technology that enables our bank partners to offer AP departments a more efficient way to pay vendors, not take over or disrupt their operations. We are excited to partner with Mastercard to make this possible.”
About Regal Software
Regal Software is a technology provider in the corporate electronic payments industry. Regal offers the most robust on-premise and cloud-based solution for connecting corporate ERP systems to financial institutions and suppliers for accounts payable payment processing. Regal Software’s technologies make it effortless for banks to add a corporate payment solution to their portfolio. Visit us at www.regal-software.com. Press Contact: firstname.lastname@example.org, (866) 606-4183.
Mastercard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Source: Regal Software