PNC adds tech from Extend to support virtual cards [Yahoo! Finance]
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Source: Yahoo! Finance
What's at stake : Banks and payment companies are boosting investment in virtual cards, creating more competition. Forward look : Businesses are looking to automate treasury management, creating an opportunity for virtual cards. Virtual cards aren't new, but they're having a boom as businesses look to get more out of their payments technology with fewer people and to reduce third party suppliers. As banks increase investment in virtual cards , PNC has upgraded its business payments unit to enable traditional card accounts to become virtual cards, offering a range of automated payments, budgeting and policy-based payment controls. "We're seeing strong and growing demand from clients who want to simplify vendor payments, enable remote and project-based purchasing, and manage departmental budgets without expanding their plastic card footprint," Tom Lang, executive vice president and head of PNC Treasury Management Product and operations, told American Banker. The bank has partne
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