American Express (Amex) and MineralTree, an accounts payable and payment automation solution provider, have introduced an integrated solution that will help businesses to streamline their accounts payable (AP) processes.
The collaboration offers businesses with a solution that incorporates their American Express Corporate Card into their normal AP workflows.
Amex said that the integrated offering, which is available on the MineralTree platform, will provide the security of Amex virtual card technology, which generates a single-use card number for each transaction. It also offers two-way synchronisation with common accounting systems.
Furthermore, the MineralTree platform provides advanced payment security features including two-factor authentication, two-factor payment verification, payment limits, and integration with bank Positive Pay.
The platform also offers automated invoice data capture and invoice approval workflows to streamline the accounts payable process.
Amex believes that the collaboration with MineralTree will enable companies to scrap manual, ad-hoc processing of accounts payable and ditch the use of paper checks, as these conventional methods can lead to inefficiency, lack of effective financial controls and exposure to various forms of payment fraud, including expensive cheque fraud.
Amex Global Commercial Payments vice president of B2B products and solutions Gint Balodis said: “At American Express, we are focused on helping businesses to plan, execute and efficiently manage their business-to-business payments processes.
“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.”