Extend compliance index

Overview of Extend

Extend, incorporated as Extend Enterprises Inc., is a leading virtual credit card solution that empowers financial institutions and businesses to easily manage their expenses. It offers a flexible and secure payment platform that transforms how companies issue, track, and manage virtual cards. Extend prides itself on its robust technology stack that allows businesses to pay and get paid efficiently and securely.

History of Extend

Established in 2017 by Guillaume Bouvard, Danny Morrow, and Andrew Jamison, Extend has emerged as a pioneering player in the virtual card payment sector. These three veterans of the financial industry saw a need for a more flexible, secure, and efficient way for businesses to manage their card payments, leading to the birth of Extend. Over the years, Extend has garnered the trust of numerous businesses, big and small, making it an influential player in the industry.

Typical data processed by Extend

Extend handles a variety of data types pertinent to conducting safe and efficient transactions. This includes business and user identification data, payment and transaction data, user-logged data, and device data. As a leader in fintech, data security and privacy are fundamental principles, with the proprietary platform designed around robust controls to safeguard customer information.

Extend's Operational Regions

Extend is based in the United States and operates primarily within its borders. However, its solutions are used by businesses globally, making Extend an international player in the virtual card market.

Key Features of Extend

Extend offers a suite of features designed to facilitate efficient expense management. These include instant issuance of virtual cards, customizable controls on each virtual card, and integration with existing expense systems. The platform allows users to set individual spending limits, and provides real-time updates on spending, promoting better expenditure oversight. Extend’s platform is also equipped with state-of-the-art fraud prevention mechanisms ensuring a secure transaction environment.

Importance of Vendor Monitoring and Comparison

Monitoring and comparing vendors like Extend from a data compliance perspective is crucial. The nature of Extend's business means it deals with sensitive financial data daily. A robust understanding of its data handling practices, security mechanisms, and compliance status is vital to assure stakeholders of data security. It also helps businesses to make informed decisions about which vendors are best suited to their needs. Data governance is quintessential and assessing how different vendors comply with their data protection obligations ensures adherence to best practices and legal requirements.