Financial Tech Firm Extend Provides Spend Management Platform with Virtual Cards to Texas Capital Bank CLients

Texas Capital Bank is on a mission “to harness innovation and help clients thrive. Amid an ongoing transformation in support of those goals, the firm is partnering with Extend to give clients a modern spend management platform with the power of virtual cards – all while keeping the credit card they have.”

Following the “fastest” bank implementation in Extend history, Texas Capital Bank clients can now use Extend in order “to simplify business payments, reduce reconciliation hassles and improve security.”

Founded in 1998, Texas Capital Bank has “a footprint across Texas and beyond, and has been named the #1 bank on Newsweek’s list of most trustworthy companies in America.”

The institution’s clients “include small, midsize and large businesses in nearly every industry. In an effort to give those clients a modern way to control spending, Texas Capital Bank chose Extend for its ability to quickly bring new technology to market and onboard clients with an easy-to-use spend management solution that works with the card already in their pocket.”

Nancy McDonnell, head of Treasury Solutions at Texas Capital Bank, said:

“We are always looking for ways to provide creative solutions to our clients, and they want the ability to issue virtual cards to their employees without all the challenges that come from sharing physical cards. By adding Extend to our commercial card program, Texas Capital Bank can deliver innovation that makes a positive, immediate impact on how our clients manage spend.”

Texas Capital Bank’s clients can now use Extend’s mobile or web app to:

  • Pay vendors while limiting exposure to fraud;
  • Empower employees to pay for expenses;
  • Buy products and services for customers and easily bill them back;
  • Create recurring virtual cards for subscriptions;
  • Book flights and hotels;
  • Track spending in real time; and more.

Most companies can’t “account for 20% of their spending until it’s already gone.”

Virtual cards can “help businesses keep spending under control and enable finance teams to start reconciliation before transactions even occur.”

These benefits are “among the drivers for the expected 300% growth in virtual card transactions over the next five years, with the largest slice of that expansion likely coming from U.S. business spending.”

Regional, national and international banks that “offer Extend give their commercial clients the benefits of virtual cards and spend management, without the need for additional contracts, new plastic credit cards or technical integrations.”

Andrew Jamison, CEO and co-founder of Extend, said:

“Texas Capital Bank recognized it could solve a real pain point for its clients by giving them the power to turn their credit card into a spend management platform. By partnering with Extend, Texas Capital Bank took the fastest path to launch, and its clients can now get the insights and controls they need to take their businesses to the next level.”

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