American Express Company (NYSE: AXP) and WEX Inc. today announced a new collaboration utilizing WEX’s market-leading accounts payable technology, named Synaptic.
Synaptic simplifies the accounts payable (AP) process by working with businesses’ existing accounting systems. Specifically, the solution will help American Express Business and Corporate Card customers make supplier payments via single and multi-use American Express virtual cards directly within Synaptic. This integration provides customers with increased efficiency, improved cash flow and the ability to earn rewards.
“At American Express, we are committed to helping our customers manage their business payments needs so they can focus on doing more business,” said Rajeev Subramanyam, VP, B2B Digital Payments Automation at American Express. “With this commitment in mind, we are constantly evolving our commercial payment products in collaboration with innovative companies such as WEX. Synaptic is helping us transform accounts payable from a cost center to a department that positively impacts a company’s bottom line by reducing costs incurred with manual processes.”
Synaptic helps reduce the time it takes for clients to pay their suppliers as it allows users to send payment instructions to Synaptic from their existing accounting system. Once the payments are processed, American Express virtual card payments are sent directly to suppliers. Users also have the option of adding an approval workflow before sending payments and users can gain access to detailed reporting to facilitate the reconciliation process.
“WEX is focused on investing in and enhancing our solutions for financial institutions to meet their unique needs,” said Greg Sassone, VP, Head of Global Product & Solutions, Corporate Payments for WEX. “This initiative with American Express demonstrates our commitment to growing our commercial payments business through partnerships with the world’s most dynamic financial institutions.”