Extend CEO says AI agents replace expense software

Jamison, the CEO of Extend, says AI agents replace expense management software. Extend started in 2017 and makes card and expense software for small businesses. Jamison says AI puts expenses, bills and repayments to staff in one automatic system that has no login step. Jamison says Extend has more than 10,000 customers. Only Jamison gives this number.

How it works

Jamison says agents that pay for goods cause a problem. Card networks have no rule for it.

Each purchase must have user approval until agents get approval. The agent then gets a virtual card for only that money. Jamison says business reorders use this method first.

The numbers

Jamison says Extend has more than 10,000 customers and a rate of $7 billion each year. Revenue grows 50% each year, says Jamison. Only Jamison gives these numbers. Jamison gave no test results for the card method.

What is not known

Jamison says agents get approval by the same procedure that banks use for merchants. Visa, Mastercard and Ant International started work on one Know-Your-Agent framework. It is for agents that buy for users. No date is given.

Insight: Banks block agents while card networks build the gate

Citigroup does not let third-party agents use customer accounts. The CEO of Bank of America says a human must agree before money moves. Visa, Mastercard and Ant International work on one agent check. This reads as a race to set the agent check. The one that sets it can collect a toll on agent payments. Make a human approval step part of your plan.