The COVID-19 pandemic made the importance of payment infrastructure abundantly clear— think about how we interacted with payment methods such as QR codes, virtual cards, or digital wallets three years ago. Over the past 20 months, merchants turned digital to accommodate the surge in ecommerce traffic, corporations accelerated their digital transformation strategies, and consumers rapidly adopted new ways to pay.
The global payments industry is going through a period of modernization, and Main Street banks now face a crossroads. Either they (1) build new in-house solutions, (2) rip and replace their core systems with new vendors, or (3) take a middle ground approach leveraging “API native technologies”—allowing them to upgrade their tech stack without the need to rip and replace.
Many, including Amex, who accounts for 35% of the $1.5T corporate card market, have chosen the third path and are partnering with Extend.
We’re incredibly excited to announce March’s partnership with Extend. What impressed us most about Extend is the outstanding team of payment veterans, led by CEO Andrew Jamison, and the elegant solution they’ve been able to build. Extend offers a flexible, white-label, virtual card platform with a front-end experience optimal for banks and businesses. Through this single point of access, banks, businesses, and fintechs can seamlessly create modern payment experiences in as little as five minutes with their existing accounts.
Virtual cards offer many advantages over traditional credit/debit cards in the form of greater security, transparency, and efficiency. Customers can use them to pay employees, vendors, and contractors without giving away their primary business card numbers, and they gain more control over their expenses by setting spending limits and expiration dates.
Users can also use Extend’s APIs to develop custom payment solutions and create specific cards for different expenses, making it easier to categorize and track their overall spending. Additionally, virtual cards bring more efficiency to the accounts payable process. They allow all transactions to be electronically tagged with enriched data, which helps businesses with accounting processes such as automatic reconciliation.
Extend’s client and partner base is growing rapidly and includes a host of premier banks and card networks, including Silicon Valley Bank, City National Bank, Mastercard, Visa, and American Express.
Oh, and the team hiring on all fronts!
Learn more about how Extend is revolutionizing the payments industry here: https://www.paywithextend.com/
Learn more about the American Express and Extend partnership here: https://www.businesswire.com/news/home/20210922005684/en/