Mastercard partners Extend to bring modern spend management to issuing banks

Mastercard is partnering with Extend to give small and mid-sized businesses better control over their commercial cards. This move targets the common headache where business owners spend up to 20 hours a week on manual accounting and expense tracking. Through this partnership, issuing banks can now offer features like instant virtual card issuance and automated spend management directly within their existing platforms. For retailers and operators, this means a significant shift in how you handle daily operations and procurement. Instead of sharing a single physical card or managing messy reimbursements, you can issue specific virtual cards for inventory, marketing spend, or recurring software subscriptions. Each card can have its own budget and expiration date. This provides real-time visibility into where your money is going before the statement even arrives. The integration aims to sync these transactions directly with your accounting software, reducing the time spent on data entry. If your current bank uses Mastercard, you may soon see these high-end financial tools become available without needing to switch to a specialized fintech provider.

Source: Finextra — Lending

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