American Express and WEX Alleviate Accounts Payable Pain Points with New Solution
November 05 2018 - 9:00AM
Business Wire
AMERICAN EXPRESS ANNOUNCES NEW SOLUTION TO HELP COMMERCIAL
CUSTOMERS STREAMLINE THEIR ACCOUNTS PAYABLE PROCESS VIA VIRTUAL
CARDS
American Express Company (NYSE: AXP) and WEX Inc. today
announced a new collaboration utilizing WEX’s market-leading
accounts payable technology, named Synaptic.
Synaptic simplifies the accounts payable (AP) process by working
with businesses’ existing accounting systems. Specifically, the
solution will help American Express Business and Corporate Card
customers make supplier payments via single and multi-use American
Express virtual cards directly within Synaptic. This integration
provides customers with increased efficiency, improved cash flow
and the ability to earn rewards.
“At American Express, we are committed to helping our customers
manage their business payments needs so they can focus on doing
more business,” said Rajeev Subramanyam, VP, B2B Digital Payments
Automation at American Express. “With this commitment in mind, we
are constantly evolving our commercial payment products in
collaboration with innovative companies such as WEX. Synaptic is
helping us transform accounts payable from a cost center to a
department that positively impacts a company’s bottom line by
reducing costs incurred with manual processes.”
Synaptic helps reduce the time it takes for clients to pay their
suppliers as it allows users to send payment instructions to
Synaptic from their existing accounting system. Once the payments
are processed, American Express virtual card payments are sent
directly to suppliers. Users also have the option of adding an
approval workflow before sending payments and users can gain access
to detailed reporting to facilitate the reconciliation process.
“WEX is focused on investing in and enhancing our solutions for
financial institutions to meet their unique needs,” said Greg
Sassone, VP, Head of Global Product & Solutions, Corporate
Payments for WEX. “This initiative with American Express
demonstrates our commitment to growing our commercial payments
business through partnerships with the world’s most dynamic
financial institutions.”
To learn more about Synaptic, organizations can contact their
American Express Client Manager or call 855-407-0674.
ABOUT AMERICAN EXPRESS GLOBAL COMMERCIAL SERVICES
Through our Global Commercial Services division, American
Express offers powerful backing and support that helps companies of
all sizes gain financial savings, control and efficiency. We
provide a suite of payment and lending products, solutions for
travel and everyday business spending, cross-border payments,
global currency solutions, and business financing.
To learn more about Global Commercial Services, visit
business.americanexpress.com.
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 responsibility
information: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
ABOUT WEX INC.
Powered by the belief that complex payment systems can be made
simple, WEX Inc. (NYSE: WEX) is a leading provider of payment
processing and business solutions across a wide spectrum of
sectors, including fleet, travel and healthcare. WEX operates in
more than 10 countries and in more than 20 currencies through more
than 3,300 associates around the world. WEX fleet cards offer 11.5
million vehicles exceptional payment security and control; total
purchase volume processed for WEX and partners in its travel and
corporate solutions grew to $30.3 billion in 2017; and the WEX
Health financial technology platform helps 300,000 employers and
more than 25 million consumers better manage healthcare expenses.
For more information, visit www.wexinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181105005113/en/
AMERICAN EXPRESSFelicia A. Mowll,
212-640-1709Felicia.A.Mowll@aexp.comorWEX
INC.Robert Gould, 207-523-7429Robert.Gould@wexinc.com
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