Amex Launches Full-Service Corporate Payables Solution

by Mercator Advisory Group 0

American Express has released a new solution for corporates named PAYVE, which enables large and mid-sized companies to turn over virtually all of their outgoing payments to American Express for execution. A single file passed to American Express handles not only ACH, checks and international wires, but also “Buyer Initiated Payments” based on virtual card accounts. The “all-in” product was not unexpected, since American Express had acknowledged it as a goal earlier in the year when it announced the ability (and willingness) to generate checks for corporate customers.

According to Andrew Jamison, Vice President, Global Corporate Payments, American Express:

“Clients are increasingly asking us to help solve more of their payments challenges. They want to focus less on operations and more on extracting financial value from their payments. With PAYVE, we can help them do that.”

The unified solution will assist corporate treasuries not only to achieve greater operational efficiency, but also to optimize their corporate liquidity and use of funds. It will have significant appeal to companies that are committed to ending their issuance of checks for B2B payments and taking full advantage of the benefits of various electronic payments methods. One of those benefits will be the ability to study and optimize payment patterns, using the “SpendIQ” analytics component of PAYVE. Amex’s timely offering is but one more piece of evidence that B2B payments processes are undergoing a major transformation.

Click here to read more from the press release.