Saying some businesses want to modernize payments but don’t want to leave their trusted bank, TSYS has partnered with Extend to enable banks to offer virtual cards with spend management solutions to their business customers.
The partnership brings together Extend’s issuer-agnostic virtual card and spend management platform and TSYS’ Virtual Payment Precept (VPP) solution that generates virtual card numbers in real time and provides control over usage, according to a Thursday (Aug. 18) post on the TSYS website.
“With Extend as a [FinTech] partner, TSYS is prioritizing payment modernization and fostering a more connected financial services ecosystem for our bank customers,” TSYS Head of B2B Solutions Brian Greehan said in the post.
Businesses can access the services with their existing corporate credit cards by registering the cards in Extend, creating virtual cards and sending them to employees or vendors, per the post.
Other features include the ability to update virtual card details, turn cards on and off, and streamline bookkeeping with receipts, attachments, custom reference tags and expense integrations, according to the post.
With this offering, “businesses get the solutions they’re looking for while keeping their trusted bank partner and their existing credit cards, and banks can offer competitive payment services without any changes to their tech stack or lengthy vendor onboarding,” Extend CEO Andrew Jamison said in the post.
Digital wallets can greatly simplify business expenses and accounting by permitting a virtual card to be used immediately, without waiting for a physical card, and by providing greater control and oversight than carrying around a physical form of payment, Jamison told PYMNTS in a recent interview published in the “Money Mobility Tracker®,” a PYMNTS and Ingo Money collaboration.
“If I hired you as a contractor and you have to pay for some subscriptions, or you need to go and pay for some goods or materials, you’d be able to do it right here, right now, without having to extend a single dollar out of your own pocket and go through a reimbursement process,” Jamison said.
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