We will rejoice: hereby they show their confidence in God, and their assurance of the victory. In the name of our God, i.e. to the honour of God, as the Conqueror. We will set up our banners, in way of triumph; which among other ways was celebrated by the setting up of banners or trophies.
Related Commentaries of Psalms 20:5
Psalms 20:5
5 We will rejoice in thy salvation, and in the name of our God we will set up our banners: the LORD fulfil all thy petitions.