City National Bank has announced that it has joined with New York City-based fintech startup Extend to launch a virtual Visa commercial credit card solution.
With this new virtual Visa card capability, City National commercial card clients can send virtual credit cards to employees, contractors and vendors with digital capabilities, distinct spending limits and expiration dates.
Once the cards are issued and enabled in the digital wallet, employees, contractors and vendors can use the cards for online purchases or use Apple Pay and Google Pay mobile wallets to make contactless payments at point of sale with a mobile phone, without having to wait for a physical card.
Virtual Visa commercial credit card solution offers e automatic reconciliation, receipt and invoice attachments and expense integrations. Businesses can distribute virtual Visa cards safely without exposing card numbers and have the ability to cancel cards at any time. Visa Token Service, Visa’s tokenization technology, replaces a cardholder’s 16-digit Visa account number with a secure token that protects the underlying card number from fraudsters.
“We’re all about providing our clients with state-of-the art, efficient and secure payment solutions,” said Linda Duncombe, executive vice president and chief marketing, product and digital officer of City National Bank. “City National has a long history of serving our clients in new and innovative ways, and providing our clients with easy-to-use digital solutions for their payment challenges allows us to better support them — especially at a time when many are working remotely. We’re proud to work with Extend and Visa on this terrific and groundbreaking functionality.”
“Working with City National and Visa has been one of the most exciting opportunities of the last year,” said Andrew Jamison, CEO and co-founder of Extend. “This is a huge industry first. Until now, no one has been able to tokenize true virtual cards for mobile wallets, which brings virtual cards to the point of sale — a hurdle that has stood in the way of serious mass adoption. Now virtual cards can be used just like plastic cards. We’re very excited to see the new value it can create for City National and their business clients.”
“According to Visa Back to Business Study – 2021 Outlook, two-thirds (65%) of consumers would prefer to use contactless payments as much as, or even more than, they are currently,” said Kevin Phalen, global head, Visa Business Solutions. “Our collaboration with City National Bank and Extend to bring Visa virtual card capabilities to their commercial clients delivers innovation that makes B2B payments as simple and effortless as consumer payments are today.”
