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LOS ANGELES, Jan. 29, 2021 (GLOBE NEWSWIRE) – City National Bank, America’s premier Private and Commercial Bank®, announced today that it has partnered with New York-based fintech startup Extend for a virtual commercial credit card solution by Visa on the market In this way, real virtual cards can be generated if necessary, which can easily be added to the mobile wallets from Google Pay and Apple Pay in order to simplify contactless payment at the point of sale and make it more secure. With Extend, City National is the first issuer in the USA to bring this competitive solution onto the market.
With this new Visa virtual card feature, City National Commercial Card customers can instantly send virtual credit cards to employees, contractors and vendors with advanced digital capabilities, clear spending limits and expiration dates, giving businesses more control over the use of corporate cards. Once the cards have been issued and activated in the digital wallet, employees, contractors and vendors can use the cards for online purchases or use the Apple Pay and Google Pay mobile wallets to make contactless payments at the point of sale with a mobile phone without waiting having to for a physical card.
“We want to provide our customers with cutting-edge, efficient and secure payment solutions,” said Linda Duncombe, executive vice president and chief marketing, product and digital officer, City National Bank. “City National has a long tradition of serving our customers in new and innovative ways. By providing easy-to-use digital solutions to their payment problems, we can better serve them – especially at a time when many are working remotely. We are proud to be working with Extend and Visa on this great and groundbreaking functionality. “
In particular, the new virtual card solution:
- Makes it easier for customers to issue credit cards to their employees: The program administrator can quickly issue a virtual Visa card to an employee, contractor or supplier using the Extend mobile app or web-based application.
- Simplifies the payment process: Employees, contractors and providers can quickly load the virtual card into their Apple Pay and Google Pay mobile wallets for easy and contactless payments. Further advantages are the automatic reconciliation, receipt and invoice attachments and cost integration.
- Offers increased security: Companies can securely distribute Visa virtual cards without revealing card numbers and 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.
“Working with City National and Visa has been one of the most exciting opportunities of the past year,” said Andrew Jamison, CEO and co-founder of Extend. “This is a huge industry. Until now, no one has been able to label real virtual cards for mobile wallets, bringing 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 are very excited to see the new value that City National and its business customers can create. “
“According to the Visa Back to Business Study – 2021 Outlook, two-thirds (65%) of consumers would rather use contactless payments than or even more than they do now,” said Kevin Phalen, global head of Visa Business Solutions. “Our collaboration with City National Bank and Extend to bring Visa virtual card functionality to their business customers is delivering innovations that make B2B payments as easy and effortless as today’s consumer payments.”
This new feature is particularly beneficial for City National’s entertainment customers who have resumed production during the pandemic. Customers can now make contactless payments on set whenever possible, increasing security by eliminating the need for cash. City National banks more than 75% of the managers who manage the plethora of actors, directors, writers, musicians, athletes, producers, and other companies in the entertainment business.
Extend Enterprises Inc provides trustworthy financial institutions with a digital payments infrastructure to enable modern card experiences. Leading banks, corporations, and other innovators can now access the full power of virtual cards for their businesses, products, and customers. Extend offers a variety of products including a suite of aggregated virtual card APIs, a corporate digital card app, and an industry first card tokenization service. Founded in 2017 by industry veterans with decades of experience at Fortune 500 companies like American Express and Capital One, Extend is headquartered in New York. For more information, visit paywithextend.com LinkedIn.
About City National
With $ 75.0 billion in assets, City National Bank provides banking, investment, and fiduciary services in locations in Southern California, the San Francisco Bay Area, Nevada, New York, Nashville, Atlanta, Minneapolis, Washington, DC and Miami *. In addition, the company and its affiliates manage or manage $ 81.8 billion in customer investment assets.
City National is a subsidiary of the Royal Bank of Canada (RBC), one of the leading diversified financial services companies in North America. RBC serves more than 17 million residential, business, public and institutional customers through offices in Canada, the United States and 34 other countries.
For more information on City National, please visit the company’s website at cnb.com.
* City National Bank operates as CN Bank in Miami and the state of Florida.
Media contact:Brittany Duke, City National Bank, [email protected]
Source: City National Bank