Extend, a leading virtual card and spend management platform, announced a partnership with HSBC, one of the world’s largest banking and financial services organizations. HSBC will offer Extend solutions to its commercial card clients in the U.S. to help companies manage spending with the flexibility and control of virtual cards. Using their HSBC business cards, joint customers will be able to simplify essential processes like closing the books at the end of the month – and instantly empower anyone, anywhere to make business payments. Extend’s digital solutions are now available to HSBC U.S. Commercial Card Clients with additional features coming in early 2023.
The number of virtual card transactions is expected to grow more than 300% in the next five years, with the U.S. representing the largest market for business virtual card transactions, according to a recent analyst forecast. Extend enables its bank partners to meet this demand and provide to their clients the flexibility, visibility, and security of virtual cards. Businesses can self-onboard in minutes, without any technical integration or additional contracts or applications.
Extend helps banks innovate like fintechs, so SMBs get a simple, powerful way to streamline spend management while keeping the financial partners they know and trust. Thousands of companies use Extend’s spend management and virtual card distribution platform to empower their teams, improve core financial processes, and manage billions of dollars in transactions.
HSBC USA Inc. (“HUSI”) is a Maryland corporation, and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly owned subsidiary of HSBC North America Holdings Inc.