Pacific Western Bank in Los Angeles is partnering with the fintech Extend to provide business clients with the ability to generate virtual commercial Mastercards.
The $32 billion-asset unit of PacWest Bancorp says it is the first bank in the country to make such a service available to clients through a white-label branded app.
“Launching a virtual card solution is a critical step in our ongoing effort to deliver a premiere digital banking experience,” Mark Yung, PacWest's chief operating officer, said in a Thursday press release. “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.”
The PWB Virtual Card app lets users establish controls on each virtual card and set recurring cards for ongoing vendor payments.
Virtual delivery replaces a cardholder’s Mastercard account number with a secure token that protects the underlying card number from fraud or identity theft.
“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," Andrew Jamison, CEO and co-founder of New York-based Extend, said in the release. "We are very excited to bring the latest payments technologies to PWB and their clients.”
