Unveiling a More Convenient Blueprint for Card Payments

Although, at best, the human arsenal is simply boundless, nothing it brings to the table can be deemed as important as our ability to grow on a consistent basis. We say this because the stated ability has already fetched the world some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow continue to produce the right goods. The same has grown to become a lot more evident in recent times, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Extend, a leading virtual card and spend management platform, has officially integrated its virtual card functionality into Concur Invoice by SAP Concur. Becoming the first fully embedded virtual card experience that keeps customers immersed in Concur Invoice from registration through payment, the development also marks the first time SAP Concur customers can register for virtual card services within Concur Invoice’s portal itself, and at the same time, keep their existing corporate or purchasing card. Talk about how the whole process is likely to work in practice, customers must start by registering their corporate card in Concur Invoice. Once that bit is duly completed, Concur Invoice will make a point to leverage Extend’s virtual-card-as-a-service capabilities and automatically generate a virtual card linked to the user’s registered Corporate Card. This virtual card will mirror its physical counterpart in a sense that it is going to have a complete distinct 16-digit number, spend limit, validity date, and an invoice number corresponding to the invoice. But what can we actually do with such an offering? Well, the development makes it possible for Concur Invoice customers to start using a virtual version of their card to easily, quickly, and securely settle actual invoices. Given the unconventional nature, one might think expect the technology to have operational limitations, but mind you, it comes decked up with the means to give you greater control over your payments. Complimenting the same is a higher level of transaction speed. In case the service’s ability to free up working capital, improve cash flow, and bolster transparency doesn’t make up an attractive value proposition, then we must mention how the new virtual card will also help you avail an exciting assortment of rewards on your payments.

“BMO is dedicated to delivering convenient and secure tools that enable greater payment management functionality for our commercial clients, including being the first to offer virtual card options to our Corporate Card customers,” said Derek Vernon, Head, North American Treasury & Payments Solutions at BMO Commercial Bank. “By enhancing our clients’ banking experience through Extend’s new functionality, we are harnessing the power of payment innovation to help BMO commercial clients make progress toward their financial goals.”

Founded in 2017, Extend’s rise to prominence stems from its ability to turn your business credit card into a complete spend management platform. Aiding the company’s credentials are its founders who have picked a good part of their experience working at giants like American Express, Capital One, and other Fortune 500 companies. These strong origins are a big reason why thousands of organizations use Extend’s virtual cards, insights, and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions.

“Businesses want more from the tools they already use, and today’s news delivers that frictionless experience. We see this as a new era for embedded finance – one where software companies can access payment rails, banks can deploy services from within software systems, and businesses can easily tap into powerful tools for managing payments,” said Andrew Jamison, co-founder and CEO of Extend.