AMEX Digitises Payments with New Automated AP Solution
(15 July 2020 – Global) American Express has launched a new automated accounts payable (AP) solution to assist businesses seeking to digitise business-to-business (B2B) payment processing.
‘American Express One AP’ was built with technology the group acquired with its purchase of acompay in 2019. The payments solutions aims to help CFOs and corporate treasurers process supplier payments in a more efficient, sophisticated digital method integrated closely with existing systems.
A recent AMEX One AP Survey reported that 84 percent of firms felt positive about switching to digital processes, while 79 percent still reported using paper checks for parts of their payments systems before the COVID-19 crisis. 44 percent of respondents declared that the majority of their payments had not been digital before the pandemic.
“American Express One AP will continue in the same vein as many of the company’s past B2B ventures and “beyond the card” projects. By automating the accounts payable process with an innovative, end-to-end solution, One AP makes it easier for businesses to pay for what they need to operate and ultimately grow” stated American Express Vice President and General Manager B2B Payments Automation, Global Commercial Services, Trina Dutta.