American Express introduces a suite of B2B APIs for fintechs, enabling easy integration of virtual cards into business software solutions.
The move comes as embedded B2B payments in the US are expected to reach $2.6trillion by 2026. The initiative targets technology organisations offering accounts payable automation, expense management, as well as procurement solutions.
American Express’ Sync™ Commercial Partner Program lets fintechs and software providers embed American Express virtual cards into their own spend management, procurement and other business software solutions. The company also plans to add more B2B payment and data capabilities, including integration with mobile wallets, in the future.
Todd Manning, vice president on the global commercial services team at American Express, explains the significance of American Express Sync.
“American Express Sync will put more B2B capabilities in the hands of fintechs and ultimately enable their customers to get more value from the platforms they use to run their businesses,” said Manning. “Today’s announcement means that our broad base of American Express US Business and Corporate customers will have more ways to pay their suppliers digitally.”
Among the early adopters of Sync, Centime, an all-in-one platform for accounts receivable, accounts payable, and cash flow, is leveraging the programme to offer enhanced security and flexibility to its SME customers.
Eved, a global accounts payable and payments platform for events, media, and entertainment, aims to simplify payments for their customers by integrating American Express virtual cards. HQ, a global booking, billing, and payment platform for corporate ground transportation, will also enable virtual card transactions for mobility services.
Meanwhile, Melio, an online platform for SME payments, will create a new browser extension using Sync to facilitate virtual Card transactions for business purchases. In addition, PayEm, a global spend management and procurement platform, will automate vendor payments and budget control with Sync’s on-demand virtual Cards.
Talia Mashiach, CEO, founder and product architect, at Eved said: “By integrating American Express virtual Cards as a payment option within Eved, customers will be able to manage budgets, pay vendors, bid farewell to manual statement reconciliation, seamlessly integrate with enterprise resource planning systems for automatic coding, unveil detailed spend visibility, and tighten controls and compliance with company policies.”