BEVERLY HILLS, CA—Apr. 29, 2021—Pacific Western Bank (PWB) announced today they have 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.
Their 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, COO 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 their 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.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $32 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 70 full-service branches located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. For more information about Pacific Western Bank, visit www.pacwest.com.
About Extend
Extend is modernizing banking infrastructure for the future of payments. By partnering with major processors and networks, Extend delivers modern card services on existing payment rails. Now trusted financial institutions can immediately offer innovative card solutions to business clients and tap into growing payment markets. Extend offers several services to banks looking to better serve business clients and build new relationships with 3rd-party fintechs, including a suite of aggregated virtual card APIs, a virtual card app, and an industry-first card tokenization service. Founded in 2017 by industry veterans with decades of experience at Fortune 500 companies, including American Express and Capital One, Extend is headquartered in New York. For more information visit paywithextend.com