The year 2025 marks a significant pivot for working capital strategies, moving decisively from a defensive stance to a proactive, growth-oriented approach. This dynamic shift is propelled by agile companies adept at leveraging unforeseen opportunities, transforming market volatility into a catalyst for advancement.
According to Darren Parslow, global head of Visa Commercial Solutions, there is a palpable enthusiasm for future prospects as 2025 progresses into its final quarter. This sentiment is largely shaped by an extensive three-year study commissioned by Visa, in collaboration with PYMNTS Intelligence. The research meticulously evaluates the working capital efficiency of "growth corporates"—firms generating revenues between $50 million and $1 billion. This ongoing investigation serves as an invaluable blueprint, guiding issuers and their corporate clientele to align on optimal working capital solutions and use cases, ultimately empowering enterprises not just to endure, but to flourish.
Parslow emphasized a "real mind shift" evident in the latest 2025-2026 Growth Corporates Working Capital Index. "We saw a switch from a more defensive protection mode to more proactive growth-enabled modes," he noted. This transformation underscores the adaptability of modern chief financial officers (CFOs) who are skillfully deploying working capital to navigate market fluctuations and convert challenges into strategic advantages for their businesses.
Embracing Network Effects and Supply Chain Trust
The study’s findings reveal a compelling trend: a remarkable 64% of respondents now opportunistically utilize working capital for unplanned growth, a substantial increase from previous years. Furthermore, a significant 27% of respondents now regard working capital as a strategic lever for business expansion, rather than merely an emergency financial buffer for cash flow shortfalls.
Companies are increasingly integrating their financial operations through advanced platforms. "Companies are increasingly using either payables platforms and managing their suppliers on that network or receivables platforms and managing their buyers, but they’re integrating that network together onto systems [in] ways that reduce uncertainty," Parslow elaborated. These integrated systems, seamlessly connecting with Visa's proprietary platforms and various issuers, facilitate swifter payment processing and receipt, concurrently enhancing the predictability of capital flows.
The improvements in efficiency are striking. Working capital efficiency index scores demonstrated an 11% increase compared to 2023. Notably, even historically underperforming firms recorded impressive 25% gains. The Working Capital Index specifically measures efficiency against a buyer's capacity to compensate their suppliers, a critical indicator of business vitality and the resilience of the supplier ecosystem. The average index score for 2025 stood at 55 on a scale of 0 to 100, with top-tier performers achieving scores as high as 74.
Key Drivers Behind Enhanced Efficiency
Parslow identified three primary catalysts contributing to this bolstered efficiency:
- Artificial Intelligence (AI): AI stands as a foundational driver. "Almost 6 out of 10 of our growth corporate respondents use either generative AI or agentic AI today," he stated, highlighting the widespread adoption of advanced AI technologies within these organizations.
- Integrated Systems: The prevalence of integrated payables and receivables systems empowers companies to make faster, more data-driven decisions, optimizing financial processes and insights.
- Proactive Payment Practices: Adaptive CFOs have demonstrated a propensity for paying invoices earlier in the past year, a notable shift from prior survey periods.
The Ascendance of Corporate Cards
The trend of earlier invoice payments creates a distinct opening for issuers. Virtual corporate cards have emerged as an indispensable tool, effectively aligning the interests of both buyers and suppliers. "We were very happy to see the increase in the use of virtual cards," Parslow affirmed.
Companies that deployed virtual cards at three times the rate of the previous year realized average savings of $19 million, equivalent to approximately 4% of their total sales. Those enterprises that synergistically combined virtual card usage with AI technologies achieved even greater financial efficiencies.
The research unequivocally shows that CFOs and treasurers are not merely implementing austerity measures. Instead, they are strategically leveraging digital solutions to liberate cash reserves and capitalize on emergent growth opportunities. Furthermore, many are exploring hybrid financing models that integrate corporate cards with robust supply chain finance programs, furnishing CFOs with an expanded repertoire of levers to maintain liquidity amidst volatile market conditions.
Unlocking Issuer Opportunities with AI Adoption
These transformative developments present a clear strategic direction for financial issuers. "Banks need to understand that speed and flexibility used to be nice-to-haves [but now] are table stakes," Parslow cautioned, addressing the discernible gap between existing bank working capital solutions and the evolving requirements of CFOs and treasurers. He underscored the critical importance for banks to rapidly embrace "access to data and using data in a predictive way and potentially, and most commonly now with AI included."
Parslow envisions a significant opportunity for banks to diversify their working capital portfolios, incorporating "on-demand" solutions such as virtual cards. "Whether that’s cards or other data-driven finance tools, getting predictive forecasting and data in front of [growth corporates] becomes information for them to look … at the entire picture," he explained, emphasizing the holistic financial visibility these tools provide.
AI's Transformative Impact on the CFO Office
AI is fundamentally reshaping the landscape of the CFO's office. "I think it’s already changing it," Parslow observed. "It’s allowed that aggregation of data mixed with predictive AI and agentic AI to really provide good information."
Beyond automating routine tasks, AI is increasingly capable of forecasting demand and recommending optimal financing maneuvers in real time. This advanced capability empowers CFOs to swiftly adapt to changing market conditions, a strategic advantage Parslow termed "a genuine competitive edge." Consequently, issuers must establish new performance benchmarks. "I do think every issuer and Visa and our competitors needs to espouse KPIs around AI, around providing better data with our financing products to enable that CFO or treasurer to make better decisions," he asserted. User experience also remains paramount, with "KPIs around digital UI and UX still imperative."
The Urgency of Now
The Growth Corporates Index unequivocally demonstrates a widespread shift, with gains extending beyond just top-performing firms. Even historically lagging companies are making progress, indicating that digital tools and practices are providing essential cash visibility, leading to superior financial outcomes across diverse businesses.
The 2025-2026 index paints a vivid picture of proactive finance leaders. Growth corporates are no longer passively awaiting market stabilization; they are actively driving change. By harnessing AI for enhanced foresight, deploying virtual cards for accelerated payments, and utilizing integrated platforms for precise liquidity management, they are proving that working capital is not merely a buffer against instability but a potent instrument for fostering growth.
Issuers capable of delivering speed, insightful data, and quantifiable results are poised to become indispensable partners in this evolving financial landscape. Conversely, those unwilling or unable to adapt risk falling behind. For banks and issuers prepared to meet this demand, a significant opportunity awaits. Growth corporates are eager to advance, and they seek partners who can match their pace and strategic vision. The index not only provides a comprehensive roadmap but also underscores the imperative for immediate action.
