American Express, MineralTree team up for B2B payments

Thursday 3 August 2017 10:13 CET | News

American Express and MineralTree, an accounts payable (AP) and payment automation solution provider, have announced an integrated solution to boost AP processes.

The partnership provides organizations with a platform that incorporates their American Express Corporate Card into their normal AP workflows. This enables organizations to streamline the supplier payment process while receiving the benefits of paying by Card, including earning statement credits or Membership Rewards points, increasing working capital, and optimizing cash flow, claim the companies.

Many growing companies still follow manual, ad hoc processes in accounts payable, and frequently pay their suppliers with paper checks. These processes can lead to inefficiency, lack of effective financial controls and exposure to various forms of payment fraud, including expensive check fraud.

In an effort to minimize this problem, the collaboration between American Express and MineralTree will present a solution with embedded American Express virtual card payments. The integrated offering, available on the MineralTree platform, will provide the security of American Express virtual card technology, which generates a single-use card number for each transaction. It also provides two-way synchronization with common accounting systems.

More than that, the MineralTree platform offers payment security features such as two-factor authentication, two-factor payment verification, payment limits, and integration with bank Positive Pay. The platform additionally provides automated invoice data capture and invoice approval workflows to streamline the accounts payable process.

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Keywords: American Express, MineralTree, B2B payments, accounts payable, einvoicing, partnership
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech