American Express has reached a deal to purchase Israel-based business-to-business (B2B) payments automation firm Nipendo for an undisclosed sum.

The deal is scheduled to complete within the quarter.

Nipendo’s platform has been designed to enable enterprises to link, communicate and automate several procure-to-pay processes, such as accounts payable and receivable.

It has the capability to function along with a firm’s current payments infrastructure and other systems.

The latest deal helps American Express to build a comprehensive B2B platform that facilitates improved business payments.

Currently, the firm is working on new products as well as mergers and acquisitions (M&A) and collaborations to develop B2B portfolio for its buyers and suppliers network.

Upon completion of the deal, American Express plans to add Nipendo’s workforce, technology, and other capabilities to boost its differentiated suite of products for businesses.

The deal, which awaits approval of customary closing conditions, is anticipated to be completed by this quarter.

American Express global commercial services and credit and fraud risk group president Anna Marrs said: “Our extensive direct relationships with both buyers and suppliers puts us in a unique position to transform the way companies pay for goods and services.

“We are taking the friction out of B2B payments, paving the way for faster, more efficient, and transparent transactions.

“With Nipendo, we will strengthen our expertise and capabilities in the space, and their innovative platform will give business customers common ground to connect and transact on the Amex network.”

Last month, American Express announced the launch of a new digital B2B payments tool for its network partners.