American Express (Amex) has rolled out a new digital payments solution, called American Express vPayment, for Canadian businesses.

The newly introudced platform will allows businesses to easily pay and reconcile a wide range of corporate expenses by replacing plastic cards with virtual account numbers.

According to the company, this solution offers the convenience of traditional card payments with the added benefit of transaction-level controls, improved reconciliation, and lower fraud risk.

American Express vPayment allocates a specific-use account number to each transaction, and users can pre-authorise all the transaction details. The transactions are matched with the associated virtual account number during the payment process.

The virtual account numbers are processed similar to traditional credit cards by using the same point-of-sale equipment and there is no additional technology required for suppliers who accept American Express.

American Express Canada vice president and general manager of commercial payments Paul Roman: “At American Express, we’re committed to evolving and refining our product offerings to meet our customers’ changing needs while solving key pain points and challenges that might be standing in the way of growth. In an increasingly digital world, it’s more important than ever for businesses to adopt new technologies that improve day-to-day processes so they can focus on maintaining a competitive edge.”

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“The benefits of adopting digital payments go way beyond improvements to invoicing and reconciliation. American Express vPayment can help businesses cut costs by saving time associated with manual payments, and improve cash flow management by maximizing payment arrangements.”