Extend, a virtual card and spend management platform, announced a partnership with HSBC (NYSE: HSBC), one of the world’s largest banking and financial services organizations.
HSBC will offer Extend solutions “to its commercial card clients in the U.S. to help companies manage spending with the flexibility and control of virtual cards.” Using their HSBC business cards, joint customers will be “able to simplify essential processes – like closing the books at the end of the month – and instantly empower anyone, anywhere to make business payments. Extend’s digital solutions are now available to HSBC U.S. Commercial Card Clients with additional features coming in early 2023.”
Thousands of businesses use Extend to “create, send, and manage virtual cards, and ultimately control spending across their organizations.”
Using Extend’s mobile or Web app, admins can “set one-time, multi-use, or recurring card limits and rules; set budgets so leaders can create virtual cards for specific employees and expenses; and automate payment reconciliation as it happens.”
From pre-booking travel for events, “to billing expenses back to legal clients, small and mid-market businesses trust Extend as a feature of their banks’ business cards.”
Faisal Jafri, HSBC Head of Commercial Cards, Americas, said:
“Virtual card capabilities represent a world of opportunity for our commercial card clients. They want digital solutions for daily challenges, including vendor payments and expense reconciliation. Partnering with Extend allows us to deliver important innovations to our clients, and we look forward to rolling out these capabilities to our clients.”
The number of virtual card transactions is “expected to grow more than 300% in the next five years, with the U.S. representing the largest market for business virtual card transactions, according to a recent analyst forecast.”
Extend enables its bank partners “to meet this demand and provide to their clients the flexibility, visibility, and security of virtual cards.” Businesses can “self-onboard in minutes, without any technical integration or additional contracts or applications.”
Andrew Jamison, CEO and co-founder of Extend, remarked:
“HSBC promises banking solutions to its commercial card clients that fit their business needs, and its team is serious about delivering on that promise. We celebrate the opportunity these businesses will have to experience spend management the way it should be: activated from the very card they already have and focused on helping them save time, understand their businesses better, and control their working capital.”
As covered, Extend helps banks “innovate like fintechs, so SMBs get a simple, powerful way to streamline spend management while keeping the financial partners they know and trust.”
Thousands of companies reportedly “use Extend’s spend management and virtual card distribution platform to empower their teams, improve core financial processes, and manage billions of dollars in transactions.”
Extend was “founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies.”
