American Express Company (AXP) recently launched its first proprietary automated accounts payable (AP) solution, American Express One AP™ helping U.S. businesses to process supplier payments more easily and efficiently. The platform offers complete end-to-end payment processing supporting multiple payment methods, including virtual card payments, check, and ACH. It is built on the technology acquired as part of the company’s purchase of acompay™ in 2019.
“Amex One AP is the continuation of our journey to digitize payment processes and become an essential part of our customers’ businesses. By automating the accounts payable process with an innovative, end-to-end solution, One AP makes it easier for businesses to pay for what they need to operate and ultimately grow. Over the past several years, we have provided our customers access to a range of digital payment tools through a number of ‘beyond the card’ offerings and B2B partnerships. We are excited to launch Amex One AP, automated accounts payable solution fully backed by the service and security of the American Express brand.” stated Trina Dutta, Vice President/General Manager B2B Payments Automation, Global Commercial Services at American Express.
As per the recent, American Express One AP Survey, 84% of U.S. business decision-makers expressed that they feel positive about the change to a digital payment system. However, 79% of the respondents expressed better reliability on paper checks for some of their supplier payments before the pandemic. Also with the current scenario caused by the COVID-19 pandemic, physical involvement and accessibility of office operations have become difficult. The need to digitize payment processes is more important than ever.
“American Express One AP helped us through a critical time for our work; not only have we been able to streamline vendor payments, reduce costs and save time, but we’ve also been able to continue processing checks while maintaining necessary social distancing protocols,” stated Javier Aceves, Chief Financial Officer, Los Angeles Regional Food Bank.
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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