Visa to Help Extend Expand Presence to Issuer Banks
Visa has entered into a referral agreement with payment technology provider Extend, which Extend said will help it expand use by midmarket customers.
Troov
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, Visa will recommend Extend, which enables users to issue virtual cards from existing card products that are paid on the original card's account, to issuer banks looking for a virtual card solution for emerging midmarket clients, Extend announced. That will lead to Extend "supporting more Visa-issuing banks and their emerging middle-market clients," Extend CEO Andrew Jamison said in a statement.
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.
