Virtual card and spend management platform, Extend, has embedded its virtual card functionality into Concur Invoice. This is the first fully embedded virtual card experience that keeps customers immersed in Concur Invoice from registration through payment. It is also the first time SAP Concur customers can register for virtual card services within Concur Invoice while keeping their existing corporate or purchasing card. There is no need for a new card, contract, or settlement process. BMO will become the first issuing partner bank to offer corporate card customers that are using Concur Invoice the facility.
Users will require to register their corporate card in Concur Invoice. They can then opt to use virtual cards quickly and easily to settle payments. Leveraging Extend’s virtual-card-as-a-service capabilities, Concur Invoice automatically generates a virtual card linked to the user’s registered corporate card. This comes complete with a distinct 16-digit number, spend limit, validity date, and invoice number corresponding to the invoice. This new, integrated service is accessible throughout all of Concur Invoice’s features.
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Facility live for BMO corporate card customers, additional banks to be enabled
“BMO is dedicated to delivering convenient and secure tools that enable greater payment management functionality for our commercial clients. This includes being the first to offer virtual card options to our corporate card customers. By enhancing our clients’ banking experience through Extend’s new functionality, we are harnessing the power of payment innovation. This helps BMO commercial clients make progress toward their financial goals,” said Derek Vernon, Head, North American Treasury & Payments Solutions, BMO Commercial Bank.
Andrew Jamison, Extend co-founder and CEO, added: “Businesses want more from the tools they already use. Today’s news delivers that frictionless experience. We see this as a new era for embedded finance. One where software companies can access payment rails, banks can deploy services from within software systems, and businesses can easily tap into powerful tools for managing payments.”
Extend’s virtual-card-as-a-service functionality is now available within Concur Invoice for BMO Corporate Card customers. Additional banks will be enabled over the coming months.
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