American Express Launches New Digital B2B Payments Ecosystem
American Express has launched a new digital B2B payments ecosystem for its network participants.
The new Amex Business Link enables third-party issuers and acquirers to provide their business customers with more efficient payments, both domestic and across borders, American Express said in a Thursday (Dec. 1) press release.
“As B2B payments rapidly digitize, we see an opportunity to add a customized solution for our network participants,” American Express President of Global Network Services Mohammed Badi said in the release. “Amex Business Link modernizes how businesses buy and sell from one another with the flexibility to choose in real time how they want to pay or be paid.”
Amex Business Link accepts card and non-card payments, supports domestic and cross-border transactions and includes reporting and reconciliation tools. It connects to customer relationship management (CRM) and enterprise resource planning (ERP) systems that use application programming interfaces (APIs), according to the release.
For network participants, the new offering enables digital onboarding, lending solutions and access to more commercial customers, the release said.
For buyers and suppliers, Amex Business Link delivers an easier and safer way to manage payments, insights into purchases and sales, dynamic reports and multiple payment methods, including card, automated clearing house (ACH), wire and check, per the release.
The new ecosystem is currently operating with 500 business customers in five countries, according to the release.
“Our Amex network participants have access to not only reliable payment rails with the lowest fraud rates in the industry, but also our issuing and acquiring expertise, as well as unique Amex benefits,” Badi said in the release.
PYMNTS research has found that B2B payments are growing increasingly digital. This is a relief for accounting teams burdened with the manual processes of invoice creation, check writing and mailing invoice and payments through postal systems, according to the “ERP Solutions In B2B Payments Tracker®,” a PYMNTS and American Express collaboration.
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