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HSBC to offer Extend's spend management for US commercial card clients

Thursday 15 December 2022 11:55 CET | News

US-based card spend management platform Extend has partnered with HSBC to offer expense management solution to the latter’s commercial card clients.

 

HSBC will offer Extend solutions to its commercial card clients in the US 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 US commercial card clients with additional features coming in early 2023.

Card spend management platform Extend teams up with HSBC to offer expense management solution to the latter’s commercial card clients.

Managing virtual cards with ease

Businesses use Extend to easily create, send, and manage virtual cards, and ultimately control spending across their organisations. 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.

HSBC’s officials said virtual card capabilities represent a world of opportunity for their commercial card clients. They want digital solutions for daily challenges, including vendor payments and expense reconciliation. Partnering with Extend allows HSBC to deliver important innovations to its clients, and the company looks forward to rolling out these capabilities.

Increasing use of virtual cards

The number of virtual card transactions is expected to grow more than 300% until 2027, with the US representing one of the largest markets for business virtual card transactions, according to the press release. 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.

Representatives from extend stated that HSBC promises banking solutions to its commercial card clients that fit their business needs, and its team is serious about delivering on that promise. Extend celebrates 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.


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Keywords: virtual card, spend management, partnership, HSBC, commercial card
Categories: Banking & Fintech
Companies: Extend, HSBC
Countries: United States
This article is part of category

Banking & Fintech

Extend

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HSBC

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