American Express (NYSE:AXP) announced Amex Business Link™, a new business-to-business (B2B) payments ecosystem for network issuing and acquiring participants “to offer to their business customers.”
Amex Business Link “makes managing payments easier for buyers and suppliers of all sizes by accepting card and non-card payments and supporting domestic and cross-border transactions.” The new digital ecosystem is “equipped with reporting and reconciliation tools and connects to all customer relationship management (CRM) and enterprise resource planning (ERP) systems that use APIs.”
“Our Amex network participants have access to not only reliable payment rails with the lowest fraud rates in the industry, but also our issuing and acquiring expertise, as well as unique Amex benefits. As B2B payments rapidly digitize, we see an opportunity to add a customized solution for our network participants. Amex Business Link modernizes how businesses buy and sell from one another with the flexibility to choose in real-time how they want to pay or be paid.”
For network participants, Amex Business Link offers the savings and efficiency of:
- Digital onboarding of buyers and suppliers
- Lending solutions that give buyers and suppliers access to working capital
- Access to more commercial customers on the American Express network
- Hands-on training, onboarding, and service for third party issuers and acquirers providing Amex Business Link to their business customers
For buyers and suppliers, the solution provides:
- An easier and safer way to manage their payments and connect directly with other businesses through the ecosystem
- Seamless connectivity to ERP/CRM systems via APIs
- Multiple payment methods including card, ACH, wire, check, etc.
- Purchases and sales insights that allow companies to monitor growth
- Access to dynamic reports that allow automatic reconciliation
- Amex Business Link is currently operating with more than 500 business customers across five countries.
As covered, American Express is “a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.”