Extend Embeds WEX B2B Payments Into SAP Concur Invoice

WEX corporate card customers can now generate and settle vendor payments with virtual cards within SAP’s Concur Invoice platform.

This capability is enabled by a new collaboration between WEX, which is a provider of intelligent payment solutions, and Extend, an embedded virtual card payments company that is an established SAP Concur partner, the companies said in a Thursday (April 30) press release.

WEX corporate card customers can initiate these vendor payments by connecting their WEX commercial account in Concur Invoice, according to the release.

Then, when an invoice is received, Concur Invoice automatically generates a virtual card linked to the customer’s registered WEX commercial account and authorizes, remits and reconciles the payment.

This solution enables WEX customers to settle invoices with single-use virtual cards generated from their WEX commercial account, control payment amounts and timing, pay suppliers faster, automate reconciliation, gain complete visibility into payment delivery, and earn available card rebates on vendor transactions.

“By partnering with Extend to embed virtual card payments inside Concur Invoice, we are delivering infrastructure that offers granular control over every transaction, all without disrupting how they already operate,” Carlos Carriedo, chief operating officer, Americas Payments & Mobility at WEX, said in the release.

The collaboration demonstrates Extend’s ability to help corporate payments providers and financial institutions deliver embedded payment capabilities inside the platforms their customers rely on, without replacing what’s already working, per the release.

“As customer expectations rapidly evolve, so does the race to deliver more connected payment workflows — Extend is excited to be the partner that makes it possible,” Extend CEO and Co-founder Andrew Jamison said in the release.

The PYMNTS Intelligence report “FinTechs Tap Embedded Payments to Deepen Customer Relationships” found that among the firms that have adopted embedded payments, 87% cite better customer experiences as a key benefit, while 60% cite greater consumer trust and 53% cite improved operational efficiency.

Another PYMNTS Intelligence report, “Embedding Security: Designing Fraud Risk Out of Business Transactions,” found that 74% of embedded finance users say the technology has significantly reduced their fraud risk, suggesting that well-designed embedded payment systems can outperform traditional standalone fraud monitoring tools.