American Express (NYSE: AXP) announced on Wednesday it signed an agreement to acquire acompay, a digital payment automation platform from ACOM Solutions, Inc. that helps business customers make supplier payments easily and securely, manage business spend, and improve cash flow.
According to American Express, acompay was developed in 2016 as a digital payment automation solution for accounts payable (AP) departments. The platform integrates with enterprise resource planning or accounting systems and supports check, automated clearing house (ACH), and card payments. Anna Marrs, President of Global Commercial Services at American Express, revealed the exciting news by stating:
“acompay will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation capabilities and equipping our customers with the tools they need to improve the way they process and settle supplier payments.”
Marrs went on to add:
“Our customers are increasingly looking for turn-key, automated solutions to pay their suppliers. Enabled by our integrated network of buyers and suppliers and a growing suite of partnerships and capabilities, American Express can provide digital payment tools and working capital that make it easy to pay suppliers anywhere in the world. The acquisition of acompay represents an important milestone in our strategy to become essential to how our customers pay for and finance what they need to grow their businesses.”