Source: American Express
Today, American Express (NYSE:AXP) and MineralTree, an accounts payable (AP) and payment automation solution provider for growing companies, announced an integrated solution that brings efficiency to everyday accounts payable (AP) processes.
The partnership provides organizations with an easy-to-use platform that incorporates their American Express® Corporate Card into their normal AP workflows¹. This enables organizations to streamline the supplier payment process while receiving the benefits of paying by Card, including earning statement credits or Membership Rewards® points, increasing working capital, and optimizing cash flow.
Many growing companies still follow manual, ad hoc processes in accounts payable, and frequently pay their suppliers with paper checks. These processes can lead to inefficiency, lack of effective financial controls and exposure to various forms of payment fraud, including expensive check fraud.
In an effort to minimize this problem, the collaboration between American Express and MineralTree will present an out-of-the-box solution with embedded American Express virtual card payments. The integrated offering, available on the MineralTree platform, will provide the security of American Express virtual card technology, which generates a single-use card number for each transaction. It also provides two-way synchronization with common accounting systems.
In addition, the MineralTree platform offers advanced payment security features such as two-factor authentication, two-factor payment verification, payment limits, and integration with bank Positive Pay. The platform additionally provides automated invoice data capture and invoice approval workflows to streamline the accounts payable process.
“At American Express, we are focused on helping businesses to plan, execute and efficiently manage their business-to-business payments processes,” said Gint Balodis, VP of B2B Products and Solutions, American Express Global Commercial Payments. “MineralTree offers a powerful solution for our clients to manage their supplier payments and this integration will further improve the supplier payments workflow from beginning to end.”
“Growing middle market companies are always looking for ways to improve cash flow and bring greater efficiency to their financial operations, one of the easiest ways to do so is by streamlining AP and converting more check spend to commercial cards,” says MineralTree Founder and CEO BC Krishna. “We are delighted to be collaborating with American Express to offer our solution to their vast network of Card Members.”