Pacific Western Bank and Extend partner to unveil white-labeled virtual card offering
By Pavithra R
Pacific Western Bank, a national financial institution with a community focus has announced partnering with New York City-based fintech Extend, to launch a Virtual Mastercard commercial credit card solution.
Under the collaboration, PWB will offer its business clients a simplified solution for payment processing in a white-labelled app available through the Apple store and Google Play store. The offering will enable the bank’s clients to generate true, virtual cards on-demand through the PWB Virtual Card app that can be utilized for simple, secure payments.
Once enabled, clients can instantly empower their employees, contractors, and vendors to use virtual cards for single or recurring purchases without waiting 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. 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,” said Mark Yung, COO at Pacific Western Bank.
The launch will empower PWB to offer 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. Besides, it offers benefits including improved reconciliation, receipt and invoice attachments for 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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