US banking giant American Express announced a strategic partnership this week with the business bill payments firm Bill.com. This new offering by the financial technology duo will be called American Express “Vendor Pay” by Bill.com. Automating your accounts payable (AP) processes with seamless integration of vendor payment schedules without the hassle of setting up a new Card account. Sound exactly like your business needs?
Well, American Express has taken it upon themselves to solve both of these problems by developing a common platform for business to achieve the required agility and efficiency in vendor payments. Vendor Pay ensures that your business is running smooth and there are no hiccups due to non-payment of bills. Powered by American Express Business or Corporate Card, Vendor Pay will drastically streamline the cumbersome process of payment reconciliation by providing all vendor payments data in one place. It is guaranteed to improve working capital cash flows and reduce the cash conversion cycle for businesses.
The deal comes in the wake of numerous banking giants all across the world pledging their resources to develop future proof financial solutions for the growing digital economy. Vendor Pay will enable the business to pay their vendors through their corporate cards for the first time in banking history. This move will open new doors for small and medium businesses that run on limited working capital. The new technology will also improve the security and safety of transactions through the use of unique features such as single-use virtual account numbers for existing Business or Corporate Cards.
“As a partner to businesses around the world, we strive to make it easier for customers to get business done. As businesses grow in size, their accounts payable needs become more complex, driven by more vendors and more invoices. We’re excited to build a long term relationship with Bill.com, a leader in the digital payments business, to offer our Card Members a streamlined approach to vendor payments and management,” said E-Bai Koo, Executive Vice President of American Express Global Commercial Services.
“The Bill.com and American Express partnership is a powerful combination of two leaders, innovators and supporters of businesses all around the world in business payments,” said Rene Lacerte, CEO, and Founder of Bill.com.