Emburse launches product to connect virtual cards and banks

Spend management fintech Emburse announced Monday its latest solution that will allow partner banks the ability to issue virtual cards through the Emburse platform. With the new product, banks and other financial institutions can issue and manage virtual cards for the millions of Emburse users directly from the Emburse card dashboard.

According to the fintech, Silicon Valley Bank will be the first bank partner to implement the new solution.

Aside from the virtual card issuance, capabilities of the product include:

  • 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
  • Automated reconciliation: Straight-through processing to ERP systems for card transactions with appropriate controls and classifications
  • Actionable insights: Normalized data is organized into reports that customers can make decisions upon

“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,” Friedrichsen added.

Riding off of its seed round, Emburse was acquired by Certify/Chrome River, the resulting entity of the previous merger between Certify and Chrome River, in 2019 and has since been expanding in the spend and expense management space.

The company has worked on a myriad of projects since then including a 2020 Mastercard partnership that allowed Mastercard corporate cardholders to access automated receipt generation and itemization of their expenses for Amazon Business within their Emburse expense automation solution. In June, the fintech also released its Emburse Analytics that gives finance teams deep spend analysis and budget expectations.

“Removing barriers traditionally associated with corporate cards means our clients can more easily use virtual cards and channel spend through them,”said Jon Oakes, Managing Director of Card Products at Silicon Valley Bank.

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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