American Express and American Express Global Business Travel, have agreed a new integration to help small and mid-sized businesses manage their spend and expenses.
American Express is making it possible for businesses to issue a virtual Card. The dynamic payment option replaces a physical card number with a digital Card number for employees via Amex GBT Neo1, a spend management platform. US cardmembers will require to enrol in Amex GBT Neo1. Once enrolled, cardholders can add eligible American Express Business or Corporate Card accounts into the platform.
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The seamless integration of American Express virtual Cards into the Amex GBT Neo1 spend management platform supports automated expense management processes. It combines the capabilities of an expense system, procurement platform, online business travel booking tool, and virtual card issuance into a single smart ecosystem.
Budgeting, booking business travel and expense processing
The aim is to give small and mid-sized businesses better visibility and control over a range of employee spend. This includes budgeting, purchasing with virtual cards, booking business travel, and streamlined expense processing.
Manual employee expense management processes cost businesses significant time and money. They are also prone to human error, issues that are only magnified for small and mid-sized businesses with finite resources. More than a third (37%) of financial leaders say processing expense reports is a drain on time, according to Amex.
Digital payments like virtual cards can help address these issues. They help automate the expense management process, including employee spend management. In addition, they give the option for employers to set specific spending controls and permissions.
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By GlobalData“American Express and Amex GBT are coming together to help improve spend management for small businesses. We know managing employee expenses is becoming more complex. Our small business customers are looking for a solution that combines a range of features and capabilities,” said Dave Holmes, Vice President, Enterprise Strategic Partnerships, American Express. “Now, for the first time, businesses have access to American Express virtual Cards within Amex GBT’s Neo1 platform. It provides a better way to manage a variety of business expenses.”
