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Payment innovation starts with the card in your pocket

May 16, 2023 8:00 PM

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In today's rapidly evolving business landscape, payment innovation plays a critical role in the success of small to medium-sized businesses (SMBs). As technology continues to reshape the way we transact, it’s imperative for businesses to adopt innovative solutions and for banks to bridge the gap between traditional banking services and modern payment demands. 

Despite banks acknowledging the need to innovate around payments and making it a top priority in the past, its execution has faced numerous challenges. 

This is largely due to the constraints of legacy systems, internal processes, and the compliance measures upon which banks are built upon. Since these factors govern how quickly most banks can develop and launch new solutions, many innovation initiatives are significantly underinvested, get delayed, or never materialize —leaving SMBs hungrier and hungrier for payment capabilities that fit their needs. 

Even though these constraints pose challenges for both parties, they ensure banks remain the partner customers expect— something many fintechs and neo banks have struggled to replicate. 

Ultimately, this gap boils down to one word: Accessibility. For both banks and SMBs.  

An effective approach to modernize payments for SMBs 

In order to bridge this gap and keep up with an ever-changing landscape, the payment industry needs a collaborative approach. Rome wasn't built in a day, nor were banks. 

Within the existing payments ecosystem, banks have the infrastructure and customer servicing. However, they need agile technology partners to help them quickly bring to market the solutions small and mid-market businesses need.

For this reason, we're on a mission to bridge the accessibility gap between traditional banks, SMBs, and payment technology. Delivering on that promise begins by enabling virtual cards and spend management functionalities for the 33 million small to medium-sized businesses (SMBs) that incumbent banks already support in the U.S.

Market-ready spend management functionality tailored to the needs of SMBs

An example of this payments model can be seen through one of our most recent bank partners, HSBC, which is spearheading innovation through virtual card issuance and spend management functionalities that allow all of its commercial customers to make business payments anytime, anywhere. 

As Tom Halpin, Head of Global Payments Solutions for HSBC North America, shared in an interview with Bank Automation News back in January, HSBC is prioritizing the development of real-time payment capabilities that can enable a digital-first customer experience “to minimize friction in our clients' payment experience across a multitude of payment categories.” Partners like Extend, he further points out, can help the bank achieve these goals.

Better spend management with the company card you already have

Did you know 55% of small to medium-sized businesses in the U.S. have a credit card that can already be used with Extend? Head here to find out if your bank supports Extend. 

Presented by

Andrew Jamison

CEO, Co-founder
Blog

Payment innovation starts with the card in your pocket

Virtual Card Spend
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In today's rapidly evolving business landscape, payment innovation plays a critical role in the success of small to medium-sized businesses (SMBs). As technology continues to reshape the way we transact, it’s imperative for businesses to adopt innovative solutions and for banks to bridge the gap between traditional banking services and modern payment demands. 

Despite banks acknowledging the need to innovate around payments and making it a top priority in the past, its execution has faced numerous challenges. 

This is largely due to the constraints of legacy systems, internal processes, and the compliance measures upon which banks are built upon. Since these factors govern how quickly most banks can develop and launch new solutions, many innovation initiatives are significantly underinvested, get delayed, or never materialize —leaving SMBs hungrier and hungrier for payment capabilities that fit their needs. 

Even though these constraints pose challenges for both parties, they ensure banks remain the partner customers expect— something many fintechs and neo banks have struggled to replicate. 

Ultimately, this gap boils down to one word: Accessibility. For both banks and SMBs.  

An effective approach to modernize payments for SMBs 

In order to bridge this gap and keep up with an ever-changing landscape, the payment industry needs a collaborative approach. Rome wasn't built in a day, nor were banks. 

Within the existing payments ecosystem, banks have the infrastructure and customer servicing. However, they need agile technology partners to help them quickly bring to market the solutions small and mid-market businesses need.

For this reason, we're on a mission to bridge the accessibility gap between traditional banks, SMBs, and payment technology. Delivering on that promise begins by enabling virtual cards and spend management functionalities for the 33 million small to medium-sized businesses (SMBs) that incumbent banks already support in the U.S.

Market-ready spend management functionality tailored to the needs of SMBs

An example of this payments model can be seen through one of our most recent bank partners, HSBC, which is spearheading innovation through virtual card issuance and spend management functionalities that allow all of its commercial customers to make business payments anytime, anywhere. 

As Tom Halpin, Head of Global Payments Solutions for HSBC North America, shared in an interview with Bank Automation News back in January, HSBC is prioritizing the development of real-time payment capabilities that can enable a digital-first customer experience “to minimize friction in our clients' payment experience across a multitude of payment categories.” Partners like Extend, he further points out, can help the bank achieve these goals.

Better spend management with the company card you already have

Did you know 55% of small to medium-sized businesses in the U.S. have a credit card that can already be used with Extend? Head here to find out if your bank supports Extend. 

Blog

Payment innovation starts with the card in your pocket

Author
Andrew Jamison
CEO, Co-founder
Virtual Card Spend
No items found.
Share post

In today's rapidly evolving business landscape, payment innovation plays a critical role in the success of small to medium-sized businesses (SMBs). As technology continues to reshape the way we transact, it’s imperative for businesses to adopt innovative solutions and for banks to bridge the gap between traditional banking services and modern payment demands. 

Despite banks acknowledging the need to innovate around payments and making it a top priority in the past, its execution has faced numerous challenges. 

This is largely due to the constraints of legacy systems, internal processes, and the compliance measures upon which banks are built upon. Since these factors govern how quickly most banks can develop and launch new solutions, many innovation initiatives are significantly underinvested, get delayed, or never materialize —leaving SMBs hungrier and hungrier for payment capabilities that fit their needs. 

Even though these constraints pose challenges for both parties, they ensure banks remain the partner customers expect— something many fintechs and neo banks have struggled to replicate. 

Ultimately, this gap boils down to one word: Accessibility. For both banks and SMBs.  

An effective approach to modernize payments for SMBs 

In order to bridge this gap and keep up with an ever-changing landscape, the payment industry needs a collaborative approach. Rome wasn't built in a day, nor were banks. 

Within the existing payments ecosystem, banks have the infrastructure and customer servicing. However, they need agile technology partners to help them quickly bring to market the solutions small and mid-market businesses need.

For this reason, we're on a mission to bridge the accessibility gap between traditional banks, SMBs, and payment technology. Delivering on that promise begins by enabling virtual cards and spend management functionalities for the 33 million small to medium-sized businesses (SMBs) that incumbent banks already support in the U.S.

Market-ready spend management functionality tailored to the needs of SMBs

An example of this payments model can be seen through one of our most recent bank partners, HSBC, which is spearheading innovation through virtual card issuance and spend management functionalities that allow all of its commercial customers to make business payments anytime, anywhere. 

As Tom Halpin, Head of Global Payments Solutions for HSBC North America, shared in an interview with Bank Automation News back in January, HSBC is prioritizing the development of real-time payment capabilities that can enable a digital-first customer experience “to minimize friction in our clients' payment experience across a multitude of payment categories.” Partners like Extend, he further points out, can help the bank achieve these goals.

Better spend management with the company card you already have

Did you know 55% of small to medium-sized businesses in the U.S. have a credit card that can already be used with Extend? Head here to find out if your bank supports Extend. 

About the author

Andrew Jamison

CEO, Co-founder

Prior to Extend, Andrew was the head of B2B Corporate Payments Products at American Express with a mandate to drive digital payment innovation and adoption. Over the course of six years, he doubled B2B payment volumes by launching and scaling new capabilities and platforms. Prior to American Express, Andrew spent eight years managing global SAP deployments for large multinational corporations. He earned an MBA from INSEAD.

Blog

Payment innovation starts with the card in your pocket

Presented by

Andrew Jamison

CEO, Co-founder

In today's rapidly evolving business landscape, payment innovation plays a critical role in the success of small to medium-sized businesses (SMBs). As technology continues to reshape the way we transact, it’s imperative for businesses to adopt innovative solutions and for banks to bridge the gap between traditional banking services and modern payment demands. 

Despite banks acknowledging the need to innovate around payments and making it a top priority in the past, its execution has faced numerous challenges. 

This is largely due to the constraints of legacy systems, internal processes, and the compliance measures upon which banks are built upon. Since these factors govern how quickly most banks can develop and launch new solutions, many innovation initiatives are significantly underinvested, get delayed, or never materialize —leaving SMBs hungrier and hungrier for payment capabilities that fit their needs. 

Even though these constraints pose challenges for both parties, they ensure banks remain the partner customers expect— something many fintechs and neo banks have struggled to replicate. 

Ultimately, this gap boils down to one word: Accessibility. For both banks and SMBs.  

An effective approach to modernize payments for SMBs 

In order to bridge this gap and keep up with an ever-changing landscape, the payment industry needs a collaborative approach. Rome wasn't built in a day, nor were banks. 

Within the existing payments ecosystem, banks have the infrastructure and customer servicing. However, they need agile technology partners to help them quickly bring to market the solutions small and mid-market businesses need.

For this reason, we're on a mission to bridge the accessibility gap between traditional banks, SMBs, and payment technology. Delivering on that promise begins by enabling virtual cards and spend management functionalities for the 33 million small to medium-sized businesses (SMBs) that incumbent banks already support in the U.S.

Market-ready spend management functionality tailored to the needs of SMBs

An example of this payments model can be seen through one of our most recent bank partners, HSBC, which is spearheading innovation through virtual card issuance and spend management functionalities that allow all of its commercial customers to make business payments anytime, anywhere. 

As Tom Halpin, Head of Global Payments Solutions for HSBC North America, shared in an interview with Bank Automation News back in January, HSBC is prioritizing the development of real-time payment capabilities that can enable a digital-first customer experience “to minimize friction in our clients' payment experience across a multitude of payment categories.” Partners like Extend, he further points out, can help the bank achieve these goals.

Better spend management with the company card you already have

Did you know 55% of small to medium-sized businesses in the U.S. have a credit card that can already be used with Extend? Head here to find out if your bank supports Extend. 

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