Pacific Western Bank (PWB) is set to launch a Virtual Mastercard commercial credit card solution in partnership with fintech Extend.

The new offering will allow clients of the bank to generate virtual cards on demand through the PWB Virtual Card app.

The app, available through the Apple and Google Play stores, can be used to carry out payments by the users.

Once activated, clients can leverage the new offering to provide virtual cards to their employees, contractors, and vendors, enabling them to make single or recurring purchases instantly.

Clients can establish controls on each virtual card and set recurring cards for ongoing vendor payments, the company said.

PWB COO Mark Yung said: “Launching a virtual card solution is a critical step in our ongoing effort to deliver a premiere digital banking experience.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

PWB is looking to offer enhanced security to customers as demand for virtual payments continues to grow against the backdrop of the Covid-19 pandemic.

Virtual delivery helps combat fraud by replacing a cardholder’s Mastercard account number with a secure token.

Users are said to gain access to other benefits as well including enhanced reconciliation, receipt, and invoice attachments.

Extend CEO and co-founder Andrew Jamison said: “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.”

In February this year, City National Bank partnered with Extend to introduce a virtual Visa commercial credit card solution.