American Express’s (AmEx) Global Corporate
Payments group is introducing a new digital payments service for
large and mid0sized corporates that want to centralise their
payments.
The solution is called Payve and centralises
payment methods, such as cheques and ACH payments, as well as
international wire and AmEx’s online payment solution Buyer
Initiated Payments (BIP) for accounts payable.
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This centralised hub will improve working
capital and cash flow management, and increase transparency on a
corporate’s payables accounts, AmEx said.
Key Benefits according to AmEx include:
- Streamlining the payments process by integrating with
enterprise resource planning (ERP) systems, which reduces the level
of change to current business processes and workflows. - Improving working capital and cash flow management: AmEx’s
billing cycle enables suppliers to receive payments faster (because
there is no paper involved) and buyers to “hold onto their working
capital longer”. The AP service also gives payment data and spend
analytics, as well as industry benchmarks. - Speeding up migration to e-payments
Clients of the service will need to send
documents with instructions on vendors and payment methods to AmEx,
which then directs payments to each supplier based on the payment
method the client has indicated, e.g. cheque, ACH, international
wire of BIP.
AmEx said that the involvement of its clients’ suppliers “is key
to the success” of the service, like in any other payment
relationship.
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By GlobalData “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,” said Andrew Jamison,
vice-president, Global Corporate Payments, American Express.
“Supported by American Express’s world-class customer service,
proven payments expertise, and in-house supplier enablement team,
Payve will help companies streamline payments processes and better
manage cash flow,” he added.
