As per the information detailed in the press release, this is the first fully embedded virtual card functionality that maintains customers engaged in Concur Invoice from registration through payment. Furthermore, SAP Concur customers can register for virtual card services within Concur Invoice while retaining their present corporate or purchasing cards. This integration eliminates the need for a new card, contract, or settlement process.
BMO will be the first issuing partner bank to provide this functionality to its Corporate Card customers leveraging Concur Invoice. Representatives from BMO stated that the bank is committed to offering convenient and secure tools that allow improved payment management capabilities for commercial clients. The introduction of virtual card options to Corporate Card customers focuses on solidifying and advancing BMO’s objectives. Moreover, by improving its clients’ banking experience through Extend’s functionality, BMO takes advantage of the capabilities of payment innovation to support its commercial clients in progressing towards their financial goals.
Virtual-Card-as-a-Service functionalities
Customers can choose to use virtual cards after registering their Corporate Card in Concur Invoice to conveniently and securely settle payments. By using Extend’s Virtual-Card-as-a-Service capabilities, Concur Invoice automatically creates a virtual card linked to the user’s registered Corporate Card with a distinct 16-digit number, spend limit, validity date, and invoice number corresponding to the invoice. The additional service is available throughout all Concur Invoice’s features, enabling customers to:
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Settle invoices with virtual cards generated from existing credit cards;
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Improve their control over payment amounts and timing;
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Receive available card rewards on transactions;
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Conduct payments to vendors more efficiently;
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Increase cash flow by freeing up working capital;
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Enhance visibility over payment delivery.
According to Extend’s officials, when developing the new functionality, the company took in consideration the demand of businesses to receive more from the tools they already use. Extend focuses on advancing Embedded Finance, with the capability allowing software companies to access payment rails, banks to deploy service from within software systems, and businesses being able to tap into enhanced tools for managing payments. Extend’s Virtual-Card-as-a-Service functionality is available within Concur Invoice for BMO Corporate Card customers, with plans to introduce more banks over the upcoming period. The company also offers a web and mobile app, as well as a virtual card API.
More information about Extend
Founded in 2017 by industry participants from American Express, Capital One, and other companies, Extend aims to turn business credit cards into a spend management platform that allows enterprises to achieve their financial goals. Extend’s virtual cards, insights, and controls are leveraged by companies to support their teams, simplify payment processes, and manage transactions, while also maintaining financial partners.
