Visa and four of the UK’s leading banks are partnering with Amazon on the launch of a new commercial marketplace for businesses shopping on the popular e-commerce site.
The launch of Amazon Business in the UK will see the giant e-commerce firm open a marketplace designed to cater to the needs of businesses of all sizes, from sole traders to large institutions. More than a hundred million products will be available to companies that sign up to the service, including laptops, office supplies, furniture and commercial-grade printers.
As part of the launch, Visa is working with four of the UK’s leading banks to provide a comprehensive expense management service for corporate card account holders who move their procurement needs to the site.
The new enhanced transaction data, available to Barclaycard, Citi, HSBC, and Lloyds Bank UK commercial account holders, provides line-item details on all purchases for Amazon Business customers and integration with reconciliation tools.
Amazon Business first launched in the U.S. in April 2015 and now serves more than 400,000 companies, generating more than $1 billion in sales in its first year. Last December, it rolled out in Germany, where it is now used by more than 50,000 business customers.