Visa has entered into a referral agreement with payment technology provider Extend, which Extend said will help it expand use by midmarket customers.
Per their agreement, Extend,
which enables users to issue virtual cards form existing card products, will be
among the solutions recommended by Visa to its issuing banks looking for a
virtual card solution for emerging midmarket clients, Extend announced. Visa
said Extend’s platform “is ideally suited for [emerging midmarket
clients,] offering the right-sized spend and expense management solution, while
Visa-issuing banks have compatible card programs that enable a seamless
go-to-market with no tech integrations required.”
Extend's current bank partners include American Express, HSBC and BMO, and the company said its partners represent more than 55 percent of cards currently issued to U.S. small and midsized companies.
Visa will refer this technology because it provides a business payment experience that can "mirror those we enjoy as consumers and provide businesses the controls and features essential for improving their operational effectiveness," Visa Commercial Solutions VP and head of North America product Leigh Radtke said in a statement.
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This article was updated from its original version to clarify that Extend is not Visa's only partner in providing virtual card solutions.