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Pacific Western Bank, Extend Partner to Launch Virtual Credit Card Solution

May 03, 2021, 07:20 AM
Filed Under: Industry News

Pacific Western Bank (PWB) announced it has partnered with Extend, a New York City-based fintech, to launch a Virtual Mastercard commercial credit card solution. PWB is pleased to be the first bank in the country offering their business clients this simplified solution for payment processing in a white-labeled app available through the Apple store and Google Play store.

Its new offering will enable the bank’s clients to generate true, virtual cards on demand through the PWB Virtual Card app that can easily be utilized for simple, secure payments. Once enabled, a client can instantly empower their employees, contractors and vendors to use virtual cards for single or recurring purchases without having to wait for physical cards. Clients can establish controls on each virtual card and set recurring cards for ongoing vendor payments.

“Launching a virtual card solution is a critical step in our ongoing effort to deliver a premiere digital banking experience,” said Mark Yung, Chief Operating Officer at Pacific Western Bank. “Pairing enhanced security and a handy mobile app to manage and track payments, we are delivering our clients greater control over their payment processing needs.”

As demand for virtual payments continues to increase, Pacific Western Bank will be able to deliver its clients enhanced security with virtual cards without exposing a real card number. Virtual delivery replaces a cardholder’s Mastercard account number with a secure token that protects the underlying card number from fraud or identity theft. Additional benefits such as improved reconciliation, receipt and invoice attachments will all contribute to seamless expense management integration.

“Demand for virtual cards has been accelerating as business clients are seeking modern solutions for B2B vendor payments, client pass-through payments, and card-less or remote employees. We are very excited to bring the latest payments technologies to PWB and their clients.” said Andrew Jamison, CEO and co-founder of Extend.

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