PayEm has announced that it has integrated its global cost management and procurement platform with American Express.
As a result of this solution, holders of American Express and Business Card corporate cards will be able to use their account and the PayEm platform to create and distribute virtual means of payment on request. The relevant information is contained in the press release of the platform provider, which was published last Wednesday, June 21.
Itamar Jobani, CEO and co-founder of PayEm, said that cooperation with American Express will provide customers with access to cash flow control. Also, according to him, this partnership will increase the level of asset security and make their management process more efficient. All these benefits will be provided to customers who are owners of a virtual American Express card.
The press release also contains information that the integration will allow enterprises to issue virtual cards to employees on demand to cover one-time or recurring expenses. Also, in this case, it is possible to install special controls for each transaction on a digital card.
Another possibility that has emerged as a result of integration is access to the transfer of payments to suppliers using virtual cards on demand. Also, firms can use the American Express payment cycle to manage cash flows and receive software rewards when using digital cards for business payments.
Jobani stated that the integration provides an improved user interface and is of great value to customers.
Industry research shows that enterprises are currently increasing their investments in technological solutions to support procurement processes. In the USA, 42% of manufacturers and 31% of retailers finance the modernization of the algorithm for purchasing goods and services.
About five months ago, PayEm announced the receipt of equity and credit financing, the amount of which amounted to $ 220 million. The firm planned to spend these funds on expanding the scope of credit card activities and supporting the payment needs of its customers.
Commenting on the receipt of equity and credit financing, Jobani said that a credit warehouse is a tool that is ideally structured to support the payment activity of customers and provide them with conditions for monthly transactions. According to him, this solution allows consumers to keep the business in working order.
Jobani also stated that the financing raised in January reflects the volume of monthly transactions on the platform, which are currently showing growth dynamics.
As we have reported earlier, American Express and Plaid Streamline Onboarding for FinTech Apps.
