American Express Launches First Automated Accounts Payable Solution: American Express One AP™
July 14 2020 - 8:00AM
Business Wire
American Express One AP™ Helps Businesses
Digitize Accounts Payable and Reduce Time Spent on Manual Tasks by
Automating the Payment Process
American Express (NYSE: AXP) launched American Express One AP™,
the company’s first proprietary automated accounts payable (AP)
solution that enables U.S. businesses to process supplier payments
more easily and efficiently. The new American Express One AP, which
is built on the technology acquired as part of the company’s
purchase of acompay™ in 2019, offers complete end-to-end payment
processing that supports multiple payment methods, including
virtual Card payments, check, and ACH. The solution is designed to
work seamlessly with businesses’ existing accounting systems.
“Amex One AP is the continuation of our journey to digitize
payment processes and become an essential part of our customers’
businesses. By automating the accounts payable process with an
innovative, end-to-end solution, One AP makes it easier for
businesses to pay for what they need to operate and ultimately
grow,” said Trina Dutta, Vice President/General Manager B2B
Payments Automation, Global Commercial Services at American
Express. “Over the past several years, we have provided our
customers access to a range of digital payment tools through a
number of ‘beyond the card’ offerings and B2B partnerships. We are
excited to launch Amex One AP, an automated accounts payable
solution fully backed by the service and security of the American
Express brand.”
Today, many business leaders are seeking solutions to their
payment process challenges, particularly in light of the severe
disruptions caused by the COVID-19 pandemic. With office operations
currently physically inaccessible for many, the need to digitize
payment processes is more important than ever.
“American Express One AP helped us through a critical time for
our work; not only have we been able to streamline vendor payments,
reduce costs and save time, but we’ve also been able to continue
processing checks while maintaining necessary social distancing
protocols,” said Javier Aceves, Chief Financial Officer, Los
Angeles Regional Food Bank*.
According to the recent American Express One AP Survey**, 84% of
U.S. business decision makers said they feel positive about
transitioning to a digital payments system. However, 79% of
respondents still relied on paper checks for at least some of their
supplier payments before COVID-19, and 44% said the majority of
their payments were not made digitally before the Pandemic.
Respondents also recognized that digitizing their accounts payable
process can address common pain points, with more than two-thirds
(68%) citing increased efficiency and time savings as a critical
reason to upgrade, as well as improving payment accuracy (43%),
realizing long-term cost savings (37%) and improving cash flow
management (34%). In addition, more than one-third (35%) of
respondents said the impact of COVID-19 has made them consider
changing how they process payments.
The new American Express One AP is the company’s latest product
in a suite of solutions to help businesses manage payments, which
include collaborations with a number of leading innovators in the
payment solutions space, such as Bill.com, Wex, Concur,
MineralTree, Coupa, and SAP Ariba.
For more information about American Express One AP and the
company’s B2B solutions, please visit:
https://www.americanexpress.com/en-us/business/payment-solutions/accounts-payable-automation/
*Real Card Member, aware that his experience is being shared.
**American Express One AP Survey Methodology: This Morning
Consult poll was conducted between June 10 and June 12, 2020, among
a national sample of 1,000 Small and Mid-Sized Business Decision
Makers with company revenues between $100 and $300 million. Results
from the survey have a margin of error of plus or minus three
percentage points.
ABOUT AMERICAN EXPRESS American Express is a globally integrated
payments company, providing customers with access to products,
insights and experiences that enrich lives and build business
success. Learn more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
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Felicia Mowll felicia.a.mowll@aexp.com
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