The US-based financial services provider, American Express announced a partnership with Billtrust yesterday in an effort to enable suppliers to streamline acceptance of American Express virtual cards. The collaboration will allow suppliers to automate and accelerate virtual card payments.
Additionally, American Express highlighted the need for technology-driven solutions in B2B payments. Through its partnership with Billtrust, American Express aims to address key challenges in payment processes. Listed on Nasdaq, Billtrust provides cloud-based software and integrated payment processing solutions to facilitate and automate B2B commerce.
“In this current environment of increased demand for goods and services and an accelerated need for efficient payment processes, businesses are moving away from paper-based payments to electronic payments for the greater visibility and speed they provide,” said Colleen Taylor, the President of Global Merchant Services US at American Express.
“While this trend is helping to benefit business buyers and suppliers with faster payments and greater cash flow, it has left some suppliers in need of an automated accounts receivable solution that can keep up,” Taylor added.
Last year, American Express formed a partnership with Goldman Sachs for digital payment solutions. Both financial services firms collaborated to make B2B payments easier and more efficient for corporates.
Automation
Through the automation of B2B commerce, Billtrust facilitates companies in transition from expensive paper invoicing to innovative solutions.
“We are proud to partner with American Express to continue to grow supplier card acceptance and improve the digital payments experience,” said Flint Lane, the CEO of Billtrust. “Both Billtrust and American Express recognize the need to support merchants and suppliers in responding to buyer demands for digital payment options. This collaboration brings automation to American Express merchants and suppliers, helping create better outcomes and increased customer satisfaction.”
In January 2022, American Express (Amex) Ventures, the strategic investment arm of American Express, announced an investment in the financial technology company, Finmark.
