American Express rolls out Automated Accounts Payable solution

Wednesday 15 July 2020 10:40 CET | News

American Express has launched American Express One AP, the company’s first proprietary automated accounts payable (AP) solution, according to the official press release.

The solution supports US businesses to process supplier payments, and it is built on the technology acquired as part of the company’s purchase of acompay in 2019. American Express One AP offers end-to-end payment processing that supports multiple payment methods, including virtual card payments, check, and ACH.

Today, many business leaders are seeking solutions to their payment process challenges, particularly considering the severe disruptions caused by the COVID-19 pandemic. According to a recent American Express One AP Survey, 84% of US business decision makers said they feel positive about transitioning to a digital payments system. However, 79% of respondents still relied on paper checks for at least some of their supplier payments before COVID-19, and 44% said most of their payments were not made digitally before the pandemic.

Respondents also recognised that digitising their accounts payable process can address common pain points, with more than two-thirds (68%) citing increased efficiency and time savings as a critical reason to upgrade, as well as improving payment accuracy (43%), realising long-term cost savings (37%) and improving cash flow management (34%). In addition, more than one-third (35%) of respondents said the impact of COVID-19 has made them consider changing how they process payments.

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Keywords: American Express, American Express One AP, accounting, invoicing, US, digitalisation, accounts payable, product launch, pandemic, digital payments, virtual card payments, check, ACH
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech