The partnership allows seamless vendor payment management within the Concur Invoice platform, with BMO being the first card issuer to enable virtual cards for vendor payments within the platform, Extend said in a Tuesday (Dec. 5) press release.
By integrating virtual card functionality into Concur Invoice, Extend offers customers a fully immersive experience, from registration to payment, according to the release.
SAP Concur customers can now register for virtual card services without the need for a new card, contract or settlement process, the release said. BMO’s Corporate Card customers using Concur Invoice will have the option to settle payments quickly and securely using virtual cards.
Extend’s virtual-card-as-a-service capabilities generate a virtual card linked to the user’s registered Corporate Card within Concur Invoice, per the release. This virtual card comes with a unique 16-digit number, spend limit, validity date and invoice number, providing users with better control over payment amounts and timing.
The integration of virtual cards into Concur Invoice brings several benefits to customers, according to the release. Firstly, it allows them to earn available card rewards on transactions. Additionally, the use of virtual cards makes vendor payments faster. The integration also offers enhanced visibility into payment delivery.
BMO aims to help its commercial clients achieve their financial goals, the release said. By offering virtual card options through Extend’s functionality, BMO provides businesses with tools for managing payments.
Extend’s virtual-card-as-a-service functionality is currently available within Concur Invoice for BMO Corporate Card customers, per the release. In the coming months, more banks will be enabled to offer this option to their customers.
Extend makes it possible for its customers to issue virtual cards in seconds for purposes ranging from covering employee travel to enabling a contractor to make needed purchases, Andrew Jamison, CEO and co-founder at Extend, told PYMNTS in an interview posted in August 2022.
“If I hired you as a contractor and you have to pay for some subscriptions, or you need to go and pay for some goods or materials, you’d be able to do it right here, right now, without having to extend a single dollar out of your own pocket and go through a reimbursement process,” Jamison said.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.