New offering equips banks in race to meet high demand for virtual cards with integrated spend controls; Silicon Valley Bank first to offer service to its corporate clients
Emburse, a global leader in spend management, has launched a new solution that gives partner banks the ability to issue virtual cards through the Emburse platform. The first bank partner for the new solution is Silicon Valley Bank, the bank of the most innovative companies and their investors, and the 22nd largest U.S. commercial bank by assets ($163 billion).
“There’s a major shift underway in corporate spend. Different types of spend — whether T&E, invoice, or long tail recurring spend, such as subscriptions — are all blending together”
Emburse’s new offering answers the growing demand for more integrated card solutions, so banks can better compete for customers while retaining control and simplifying purchase reconciliation. Banks that meet this demand stand to retain more corporate clients, significantly increase share of wallet and more effectively win net-new business. With Emburse, banks and other financial institutions can now easily issue and manage virtual cards for millions of Emburse users at mutual customers, directly from the Emburse card dashboard.
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Key capabilities of the solution include:
- Virtual card issuance: Issue virtual cards with the appropriate controls and context to millions of Emburse users
- Real-time authentication: Every time a physical or virtual card is used, users are immediately prompted to expense the transaction
- Mobile wallet: Employees of mutual customers can provision virtual cards to mobile wallets
- Policy controls: Pre- and post-authorization rules protect administrators from unwanted spend while removing friction from the process
- Automated reconciliation: Straight-through processing to ERP systems for card transactions with all the appropriate controls and classifications
- Actionable insights: Normalized data is organized into meaningful reports that drive strategic decision making for customers
“There’s a major shift underway in corporate spend. Different types of spend — whether T&E, invoice, or long tail recurring spend, such as subscriptions — are all blending together,” said Eric Friedrichsen, CEO at Emburse. “As a result, customers demand even more tightly-integrated solutions for making and managing payments, and will switch providers to get them. Financial institutions have an urgent need to respond to this requirement and we’re providing an accelerated on-ramp so they can win more customers, reduce client attrition and drive incremental card spend.”
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“Partnering with Emburse allows us to offer our large number of mutual clients a seamless and easy experience for effectively managing and controlling card issuance and spend,” said Jon Oakes, Managing Director of Card Products at Silicon Valley Bank. “Removing barriers traditionally associated with corporate cards means our clients can more easily use virtual cards and channel spend through them. Whether it’s less time with month-end reconciliations, less spend leakage or larger cashback rebates, we’re excited about the many ways that our high-growth technology and life science clients will benefit from this new integration.”
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