American Express today announced the launch of PAYVE® in the North America: a new digital payment service that enables large and mid-size companies to centralize the processing of multiple payment methods through a single, easy-to-use electronic platform. Payment methods include check, ACH, international wire and American Express's web-based payment solution, Buyer Initiated Payments (BIP).
How PAYVE Works
Clients send a file to American Express that can include instructions for multiple vendors and various payment methods. American Express will then direct payments to each supplier using the designated method – check, ACH, international wire or BIP. PAYVE processes and sends the payments to clients' banks, allowing companies to maintain their existing banking relationships and corporate processes. With PAYVE, American Express aim to become the company's strategic payments partner. They work with each client to help develop and execute a best-in-class corporate payments strategy. The process starts with Spend IQ(SM), a client spend analytics service that provides:
- payment method analysis
- invoice frequency assessment
- speed-of-pay analysis
- supplier segmentation.
This is combined with American Express's payments expertise, to help clients find ways of increasing the efficiency of their payments process.
Supplier participation is the key to the success of any payment service. American Express's in-house supplier enablement team will help clients onboard suppliers and provide ongoing support for their transition to electronic payments.
Long ago, the card companies accepted that they were in the payment business, not the card payment business. This is just the latest example of them covering more than cards. PAYVE adds an interesting new service to the B2B payments market.
Like this item? Get our Weekly Update newsletter. Subscribe today