American Express Unveils S2S eINVOICE&PAY

In response to rising corporate demand to reduce paper and gain greater savings and efficiencies in their accounts payable processes, American Express has begun offering S2S eInvoice&Pay to corporate customers in the US. Nestlé USA, a leading food company and a longstanding American Express commercial card client, will begin implementing the S2S eInvoice&Pay solution in its supply chain next month. Since adopting electronic invoicing and payment for its 18,000 North American vendors in 2002, Latrobe, PA-based Kennametal Inc., a global supplier of industrial tooling, engineered components and advanced materials, has realized a number of benefits. It has slashed processing costs by two-thirds, cut payment costs by converting 58% of vendors to electronic payment and increased speed of pay to suppliers by 30%. Kennametal uses technology from Harbor Payments, which American Express acquired last December. Lower Cost, Greater Control, Improved Supplier Relationships Research by Boston-based Celent, LLC, estimates that US business-to-business transactions amount to approximately $36 Trillion annually, with 73% of those transactions still paid by check. Celent also estimates that automation can reduce invoice processing costs for buyers by as much as 92%, while electronic settlement can slash payment costs by up to 86%. Providing expertise in expense management, payment processing and Electronic Invoice Presentment & Payment (EIPP) technology, American Express can help buyers reap the full benefits of an automated supply chain by lowering processing costs, reducing invoice approval cycle time, and improving cash management. Suppliers can also benefit by gaining greater visibility into the buyer approval process, and lowering billing costs with online inquiries and dispute resolution. S2S eInvoice&Pay Features To help companies expand the benefits of e-procurement to their supply chain, features of S2S eInvoice&Pay include: • Electronic capture of 100% of invoices  • Straight-through electronic processing from Purchase Order to payment for users of electronic procurement and the American Express® Corporate Purchasing Card (CPC)  • A large and fast-growing e-invoice enabled supplier networks, plus a dedicated enrollment team to provide service and support  • Reduced invoice exceptions and faster pay via automated review and dispute resolution  • Multiple payment options (including the American Express Corporate Purchasing Card and ACH)  • Compatibility with all ERP systems, plus advanced SAP connectivity  For more information about eInvoice&Pay, access http://www.americanexpress.com/s2s . S2S eInvoice&Pay is the first in a suite of solutions to help companies optimize their supply chain from source to settle. In the coming months, American Express will unveil other products in the S2S product suite, addressing the areas of sourcing and ordering.