American Express is launching a new Global Pay digital solution that will enable US small businesses to make domestic and international B2B payments
American Express announced the launch of the Global Pay platform. It will enable eligible US small businesses to send payments from their business bank accounts. Global Pay will facilitate transactions with suppliers in more than 40 countries in multiple currencies. Customers can also earn membership rewards points on their forex payments.
Besides, the solution provides an integrated user experience, simple steps that allow payments to be made easily, same business day payments, “transparent” exchange rates and a “streamlined” application process that enables businesses to get almost immediate response.
The Global Pay platform is currently available to US American Express small business card members.
The solution was inspired by the survey conducted in June 2022 among over 300 American small and medium-sized businesses (SMBs). Amex claims one-quarter (27%) of respondents cited complexity as one of the top obstacles to making cross-border payments. Besides, nearly half (48%) the respondents said they were looking for transparent fees and rates, along with a simple user experience (44%).