American Express, Fintech Bluechain to Enhance SME Payment Processes

American Express (NYSE: AXP) a new partnership with Request to Pay focused fintech startup, Bluechain in order “to help streamline the supplier payment process for small and medium sized enterprises (SMEs).”

Invoice management can “be resource intensive for small business owners, especially when using multiple different systems.”

The partnership solves that problem by “allowing small business owners to centrally manage, pay and reconcile supplier invoices, from a single dashboard, whether on desktop or mobile device.”

The integration “saves SME owners valuable time and resources spent on manual admin with a simple billing and payment process that streamlines operations and automates time-consuming tasks like data entry and bookkeeping.”

It also enables better visibility and control over cashflow “as SMEs can choose to pay how, where and when they want.”

Existing American Express business customers “can pay an invoice with their Amex Card, regardless of whether the requesting merchant accepts American Express or not.”

Business owners can also seamlessly “connect their accounting system to Bluechain’s platform for real-time tracking and reconciliation, streamlining bill management from start to finish.”

Carolina Castillo, Vice President, Commercial Partnerships & Innovation, International Card Services at American Express, said:

“Our recent research1 reveals over half (56%) of SME leaders feel they would benefit from more time away from the workplace. However, their many responsibilities, from managing invoices to dealing with suppliers, often prevent them from doing so. Our partnership with Bluechain is another example of how we support SMEs and gives them greater choice when it comes to paying and reconciling invoices, giving them back valuable time so they can continue to build business success.”

Tim Annis, CEO at Bluechain, said:

“American Express’ commitment to supporting small businesses and its global perspective makes them an ideal partner for Bluechain. With our successful launches in Australia and the UK, this partnership presents a major step for Bluechain to support a global audience. Combining the reach of American Express with the technology of Bluechain is a fantastic opportunity to deliver tangible benefits for SMEs that go beyond payments and into process efficiency. Together we will deliver a billing and payment process that lets UK SMEs focus on growth.”

Current Bluechain accounting integrations include: Xero and Sage, with Quickbooks by the end of Q2.

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