This is because Extend, a financial technology platform that utilizes artificial intelligence for spend and expense management, has solidified its role in the financial ecosystem by launching new integrations with Sage Intacct, Xero, and Microsoft Dynamics 365 Business Central, making the value proposition even more attractive for banks and their business customers. The news marks a significant shift in the financial service industry, where banks are forced to think differently and look for ways to provide financial experiences that are not only software-based but also meet the evolving needs of customers. The financial industry, as well as fintech, has seen significant acquisitions, illustrating the need for a solution that brings payments, expense management, and financial management all within one ecosystem.
With its presence being at the intersection of banking and fintech innovation, Extend continues to differentiate itself through its ‘bring your own card’ proposition, which allows businesses to utilize their existing banking relationships rather than moving to other card providers. By working with some of the largest card networks and processors in the world, the platform is enabling financial institutions to provide modern expense management solutions without having to ask customers to change their existing infrastructure. This is not only beneficial to businesses but also helps banks compete in a software-driven world.
The recently announced ERP integration capabilities have greatly expanded the accounting platform universe that is now supported by Extend.
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This accounting platform universe includes Sage Intacct, Xero, Microsoft Dynamics 365 Business Central, QuickBooks Online, QuickBooks Desktop, and NetSuite. Once integrated, users of these systems can automate two-way data synchronization, which in turn reduces reconciliation efforts during month-end close processes. This development is aimed at addressing an operational challenge that businesses have historically had to deal with, where they have had to rely on disparate tools in order to bridge commercial card transactions with general ledger systems.
“Finance teams are tired of disconnected, cumbersome processes and platforms,” said Andrew Jamison, CEO of Extend. “They want easy solutions that work with the systems and tools they already have. Our goal is to provide a solution that connects the dots between their credit cards and closing the books.”
This is also evident in the continued innovation of the company, which is aimed at further simplifying financial operations for both banks and organizations. This is being achieved by providing organizations with real-time visibility into spend using seamless connectivity with card programs and accounting systems. This is also helping banks using the platform meet the increasing expectations of their clients for more connected financial tools.
Given that almost half of commercial credit card holders have access to Extend through bank programs, the platform is quickly growing its presence in the financial system. As Extend continues to build on its banking partnerships and further develop its integration capabilities, it is poised to become a mainstream expense management solution that is delivered through banks, helping businesses modernize their spend management in a non-disruptive manner.
