Extend Partner BMO becomes first card issuer to enable virtual cards as an option for vendor payments from within Concur Invoice
Additional banks to be enabled over the coming months
Extend, a leading virtual card and spend management platform, today announced it 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 also represents 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 this option to its Corporate Card customers that are using Concur Invoice.
After registering their Corporate Card in Concur Invoice, users can opt to use virtual cards to easily, quickly, and securely 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, 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.
This new functionality enables Concur Invoice customers to:
- Settle invoices with unique virtual cards created from their existing credit card
- Better control payment amounts and timing;
- Earn available card rewards on transactions;
- Pay vendors more quickly;
- Free up working capital to improve cash flow, and
- Gain greater visibility into payment delivery.
“BMO is dedicated to delivering convenient and secure tools that enable greater payment management functionality for our commercial clients, including being the first to offer virtual card options to our Corporate Card customers,” said Derek Vernon, Head, North American Treasury & Payments Solutions, BMO Commercial Bank. “By enhancing our clients’ banking experience through Extend’s new functionality, we are harnessing the power of payment innovation to help BMO commercial clients make progress toward their financial goals.”
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