HSBC, Extend to offer virtual card solutions to commercial customers

HSBC announced today that it is partnering with digital card fintech Extend to offer virtual card solutions and embedded payments to its business clients. Commercial card customers of HSBC USA, owned by $2.9 trillion, London-based HSBC Holdings , are now able to create, send and manage virtual cards throughout their organizations via the latest Extend partnership, according to a release. [caption id="attachment_57365224" align="alignright" width="300"] Photographer: Jason Alden/Bloomberg [/caption] “A lot of companies are embedding payments,” Extend Chief Executive Andrew Jamison told Bank Automation News . “Think of multiple franchise businesses — those clients need different virtual cards for different parts of the business. “You need to be able to spin up these accounts, not someone manually typing in [card information],” he said. The cloud-based fintech connects to its clients via a modern stack of RESTful APIs, Jamison said. “What [Extend] is doing is sharing that line of credit that’s associated with your card into tiny little fractional pieces with amazing controls with every one of those cards.” This allows commercial clients to specify where, when and how much can be spent on any of its virtual cards. For HSBC clients, the capability adds “speed, scale and transparency,” Jamison said. For example, Extend adds multi-use or recurring card limits and rules to set budgets and automated payment reconciliations – saving chief financial officers time at month-end. Embedded systems innovation Additionally, Extend is working with HSBC to drive innovation specifically in embedded and connected payments, according to Jamison. The fintech is figuring out how it can “create a connected payment ecosystem where we can be inside of the procurement platforms that these companies use,” he said. “That’s a key part of where we go next – stop reinventing new experiences and start connecting experiences and having the payments being part of the fabric,” Jamison added. At the request of Extend’s bank clients, the fintech is working to expand its offerings to include card portfolio management and software platform integration in 2023, he said, noting, “We're going to go from the card distribution that we built. We’re going upstream to manage physical cards and downstream to manage the embedding of those transactions into the [companies’] ledgers.” Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1671042669797.1671045522263.632&__hssc=41615677.4.1671045522263&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1671042669797.1671045522263.632&__hssc=41615677.4.1671045522263&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

HSBC, Extend to offer virtual card solutions to commercial customers

The fintech plans to add card management to its capabilities in 2023

How to Enhance the Small Business Banking Experience with Automation and Augmentation

Transactions: Finastra, Veem partner for SMB digital payments

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HSBC, Extend to offer virtual card solutions to commercial customers

The fintech plans to add card management to its capabilities in 2023

How to Enhance the Small Business Banking Experience with Automation and Augmentation

Transactions: Finastra, Veem partner for SMB digital payments

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