NEW YORK--(BUSINESS WIRE)--Extend, a digital credit card distribution platform backed by Point72 Ventures, has been registered under the Visa Ready Program for Business Solutions, a strategic framework to help technology companies that integrate with Visa’s business-to-business (B2B) payment services and data solutions ensure that they meet Visa’s standards.
“Extend redefines the way commercial credit cards are issued and used for business expenses. Businesses are looking for ways to empower their staff and enhance their products and operations with modern payment capabilities that don’t rely on plastic cards,” said Danny Morrow, Extend’s CTO and co-founder. “We are thrilled to join the Visa Ready Program for Business Solutions, and to highlight the value and capability we bring to commercial issuers.”
The Extend platform offers two primary solutions:
The Extend App, a digital credit card distribution platform for businesses that want to instantly equip their employees and contractors with a secure means of payment. With a rapidly growing number of freelancers and a majority of employees forced to rely on personal credit cards, companies are struggling with onerous expense management processes.
With the Extend App, businesses and corporations can now send a unique digital credit card to employees, contractors, and volunteers with a defined spend limit and validity period while tracking the purchases being made with the card, all without revealing the underlying account number.
A suite of APIs for fintechs and other companies to leverage bank partner virtual credit cards to enable commerce at the POS or streamline operations. With Extend’s APIs, innovators can create the payment products and services of tomorrow.
“The commercial payments ecosystem is going through an incredible transformation, with innovative solutions coming to market rapidly,” said Taira Hall, vice president, partnerships and new initiatives, Visa. “Adding Extend to the program will complement our existing Visa Ready for Business Solutions partners and B2B payment solutions available to financial institutions and their clients.
The Extend solutions offer a number of key features including:
- Instant issuance and distribution of digital credit cards to employees and contractors, through a customer’s existing card issuer
- Decreased operational cost and complexity when compared to issuing plastic cards or managing reimbursements
- Spend control and reduced risks of misuse by payers
- Spend insights and simplified reconciliation
- Integration into the industry’s core payment rails and expense management solutions
Visa Ready for Business Solutions helps accelerate growth and enable new use cases in the B2B payments space, and it can help streamline the adoption of Extend by financial institutions and their customers. The program enables Visa’s technology partners to quickly integrate with an array of Visa B2B payments solutions, including enhanced data, virtual card integration, payables automation and payment controls. Visa Ready for Business Solutions program participants also have access to Visa’s tools and services, including Visa Developer Platform, to help support development of innovative commercial payment solutions.
Upon successful completion of the integration and validation approval process, partners may use Visa Ready mark in connection with the approved solution on their website and marketing collateral.
About Extend
Extend is a universal digital credit card distribution platform, created in partnership with banks, that enables cardholders to securely and instantly send temporary credit cards to employees, contractors and freelancers. Its mobile and API first technology makes for a seamless user experience for both cardholders and recipients. Created by industry veterans with decades of experience with Fortune 500 companies including American Express, Capital One and Apple, the firm is headquartered in New York. For more information visit paywithextend.com.
