American Express Launches digital payment service PAYVE
American Express launched PAYVE, a new digital payment service that enables large and mid-size companies to centralise the processing of multiple payment methods through a single, easy-to-use electronic platform. The service will enable companies to improve working capital and cash flow management while streamlining accounts payable processes.
Companies today pay vendors using a number of processes and payment methods across multiple financial institutions. In addition, more than half of U.S. business-to-business payments are still made with the inefficient method of paper cheque. On average, paper cheque payments cost companies 40% to 50% more to process than card or electronic payments.
With PAYVE, companies are able to consolidate payments through a single platform to increase control, efficiency and transparency of their payables. Companies can also accelerate their migration from paper cheque to electronic payments to reduce costs and make their accounts payable process more efficient.
“Clients are increasingly asking us to help solve more of their payments challenges,” confirmed Andrew Jamison, Vice President, Global Corporate Payments, American Express. “They want to focus less on operations and more on extracting financial value from their payments. With PAYVE, we can help them do that. Supported by American Express’s customer service, payments expertise, and in-house supplier enablement team, PAYVE will help companies streamline payments processes and better manage cash flow.”
With PAYVE, clients send a file to American Express that can include instructions for multiple vendors and various payment methods. American Express will then direct payments to each supplier using the designated method—cheque, ACH, international wire or BIP. PAYVE then processes payments to clients’ banks, allowing companies to maintain their existing banking relationships and corporate processes.
In addition, with PAYVE American Express becomes the company’s strategic payments partner and works with each client to help develop and execute a best-in-class corporate payments strategy. The process starts with Spend IQsm, a spend analytics service that uses detailed client and industry payment data, combined with American Express’s payments expertise, to help clients find ways of increasing the efficiency of their payments process.
Supplier participation is key to the success of any payment service. American Express’s in-house supplier enablement team will help clients on-board suppliers and provide on-going support for their transition to electronic payments.