American Express Expands Virtual Card Options for U.S. Business and Corporate Customers

American Express (NYSE:AXP):

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American Express Sync™ Commercial Partner Program (Photo: Business Wire)

What it is:

• The American Express Sync™ Commercial Partner Program gives fintechs and software providers an easy and seamless way to embed American Express^® virtual Cards into their own spend management, procurement, and other business software solutions. Additional business-to-business (B2B) payment and data capabilities, including the ability for fintechs to integrate virtual Cards that can be added to several mobile wallets, will be introduced over the coming months.

Why it matters:

• Industry-wide, the transaction value for embedded B2B payments reached $700 billion in the U.S. in 2021 and is expected to nearly quadruple in size to $2.6 trillion by 2026*. Sync opens up American Express APIs so fintechs can offer their business customers digital-first B2B solutions within the platforms they already use.

The differentiator:

• American Express Sync is unique in that it offers modern APIs, robust developer tools, and a streamlined onboarding experience. Plus, partners get support from a dedicated American Express contact, along with the scalable capabilities, powerful backing, and membership base of American Express.

Who it’s for:

• The Sync program is designed for technology organizations that serve businesses in the U.S. Ideal partners offer a range of solutions, such as accounts payable automation, expense management, spend management, and procurement.

American Express on-the-record:

• “American Express Sync will put more B2B capabilities in the hands of fintechs and ultimately enable their customers to get more value from the platforms they use to run their businesses,” said Todd Manning, Vice President on the Global Commercial Services team at American Express. “Today’s announcement means that our broad base of American Express U.S. Business and Corporate customers will have more ways to pay their suppliers digitally.”

Upcoming and early adopters:

• Centime, an all-in-one platform for accounts receivable, accounts payable, cash flow, and banking solutions, will use Sync to help small and medium-sized enterprises (SMEs) prioritize and pay their bills while maximizing every dollar.
  • BC Krishna, Founder and CEO of Centime, said: "We're eager to integrate with American Express to bring virtual Card on-demand to our business customers. The American Express Sync Commercial Partner program will make it easy for us to prioritize the needs of our customers by offering enhanced security with the use of unique virtual Card numbers, as well as convenience and flexibility.”

• Eved, a global accounts payable and payments platform for events, media, and entertainment, will use Sync so their customers can use American Express to pay thousands of venue, catering, and other events vendors without leaving the Eved platform.
  • Talia Mashiach, CEO, Founder & Product Architect, Eved said: “American Express and Eved are joining forces to make paying suppliers easier for the meetings and events industry. By integrating American Express virtual Cards as a payment option within Eved, customers will be able to manage budgets, pay vendors, bid farewell to manual statement reconciliation, seamlessly integrate with enterprise resource planning systems for automatic coding, unveil detailed spend visibility, and tighten controls and compliance with company policies.”

• HQ, a global booking, billing, and payment platform for corporate ground transportation, will use Sync to enable customers to use virtual Cards to pay for mobility services including taxis, private car hire, ride-hailing, and corporate shuttles.
  • Amiad Solomon, CEO of HQ, said: “As a leading corporate ground transportation platform, the integration with American Express will allow our clients, both large and small businesses, to quickly and securely make virtual Card transactions within HQ SummitGround^®. Together with American Express, we are committed to optimizing cost savings, travel policy compliance, and payment transparency while enabling spend and emissions visibility globally.”

• Melio, an online platform that enables SMEs to quickly and seamlessly transfer and receive payments, will use Sync to help create a new browser extension for American Express U.S. Corporate and Business customers to use virtual Cards to make business purchases.
  • Matan Bar, Co-Founder and CEO, Melio said: “The integration between American Express and Melio will provide small business owners with better control over expenses and payments to suppliers, along with enhanced security that keeps sensitive Card details private. With Melio's new Secure Pay product and American Express Business Cards, business owners can set spending limits and better manage their cash flow all while continuing to earn rewards on their eligible American Express Card.”

• PayEm, a global spend management and procurement platform, will use Sync to help businesses automate and streamline vendor payments, employee spending, reimbursement requests, and budget control.
  • Itamar Jobani, CEO and Co-Founder, PayEm said: “Together, American Express and PayEm are providing customers with an intuitive way to manage payments, expenses, and cash flow by leveraging on-demand virtual Cards. Our customers can now generate unique virtual Card numbers for specific employee requests or vendor transactions, giving them greater control, enhanced security, and streamlined reconciliation.”

Learn more:

• To learn more about the American Express Sync Commercial Partner Program or to apply, visit https://www.americanexpress.com/en-us/business/sync/.

What’s next:

• Sync will expand to include additional American Express B2B capabilities through APIs over time.

* Used with permission from Bain & Company: https://www.bain.com/insights/embedded-finance/

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports

Source: American Express

Location: U.S.

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