American Express has partnered with WEX to facilitate supplier payments using virtual cards. The new solution is available for the card giant’s Business and Corporate Card holders.
In addition, the AmEx Wex partnership will enable customers to make payments with American Express virtual cards directly within WEX’s Synaptic accounts payable technology. Customers can use both single and multi-use virtual cards.
AmEx Wex partnership to drive virtual card use
American Express said that the combination of its virtual cards and Synaptic will improve efficiency and cash flow.
Clients can send payment instructions to Synaptic from their existing accounting system. This in turn decreases the time taken for supplier payments.
Upon processing, American Express virtual card payments will be sent directly to suppliers. Users can choose an approval workflow before sending payments. They also get access to detailed reporting for the reconciliation process.
American Express vice-president of B2B Digital Payments Automation Rajeev Subramanyam said: “At American Express, we are committed to helping our customers manage their business payments needs so they can focus on doing more business.
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“Synaptic is helping us transform accounts payable from a cost centre to a department. This positively impacts a company’s bottom line by reducing costs incurred with manual processes.”
WEX head of Global Product & Solutions at Corporate Payments Greg Sassone said: “This initiative with American Express demonstrates our commitment to growing our commercial payments business through partnerships with the world’s most dynamic financial institutions.”