Financial operations firm Fyorin has launched a payments-focused partnership with Discover Global Network.
The new collaboration introduces B2B virtual cards designed to reduce costs and improve the financial performance of digitally operating businesses, Fyorin said in a news release.
“Our collaboration with Discover Global Network is a significant leap forward in simplifying global card payments for businesses,” Fyorin Co-founder and Chief Operating Officer Christian Joseph Agius said in the release.
“We are bringing business banking closer to CFO workflows. Together, we are committed to reshaping the future of international transactions, offering businesses unprecedented access to seamless global payment capabilities.”
According to the release, the partnership combines Fyorin’s network of financial institutions with Discover’s global reach to streamline international transactions. This will allow businesses to enjoy benefits like reduced payment expenses and simplified reconciliation, providing a more “seamless global financial ecosystem for companies,” the release added.
The partnership comes amid a growing embrace of virtual cards in the corporate world as businesses seek new forms of working capital.
As PYMNTS wrote late last year, unplanned expenditures represent a key challenge for chief financial officers (CFOs) who hope to optimize their working capital. Research by PYMNTS Intelligence finds that 42% of companies characterized as “growth corporates” point to unplanned expenses as the chief reason for leveraging working capital solutions.
“Virtual cards, with their ability to issue temporary, single-use numbers tied to specific expenses, are particularly well-suited to address these unpredictable costs,” PYMNTS wrote.
For companies that use virtual cards, 56% said the ability to meet demand and opportunity was the most important benefit, the research showed. That’s higher than the share of users who report similar advantages from other credit tools, such as traditional credit cards and lines of credit (approximately 25%).
This makes virtual cards an ideal tool for CFOs who need to maintain flexibility while controlling expenditures, especially when facing unexpected financial needs or opportunities.
“Yet the market is virtually untapped, as the data shows that just 3.3% of North American Growth Corporates use virtual cards,” PYMNTS added.
Because of economic volatility, CFOs use virtual cards to offset risks and maintain financial stability. The research showed that 34% of growth corporates expect a global recession in the next year, findings that predate the current tariff-related market upheaval.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
