American Categorical, the bank card firm, and MineralTree, an accounts payable (AP) and fee automation answer supplier, introduced information on Tuesday (August 1) the launch of an built-in answer that brings effectivity to on a regular basis accounts payable (AP) processes.
In a press launch lined by Finextra, the businesses stated the partnership gives organizations with an easy-to-use platform that comes with their American Categorical Company Card into their regular AP workflows. By doing this, it permits organizations to streamline the provider fee course of whereas receiving the advantages of paying by card, together with incomes assertion credit or Membership Rewards factors, rising working capital and optimizing money stream.
“At American Categorical, we’re targeted on serving to companies to plan, execute and effectively handle their business-to-business [B2B] funds processes,” stated Gint Balodis, VP of B2B Merchandise and Options, American Categorical International Industrial Funds, within the press launch. “MineralTree presents a robust answer for our purchasers to handle their provider funds, and this integration will additional enhance the provider funds workflow from starting to finish.”
In line with the 2, many rising corporations nonetheless observe handbook processes in accounts payable and continuously pay their suppliers with paper checks. These processes can result in inefficiency, lack of efficient monetary controls and publicity to numerous types of fee fraud, together with costly verify fraud.
In an effort to attenuate using paper checks and struggle funds fraud, the collaboration between AMEX and MineralTree will current an out-of-the-box answer with embedded American Categorical digital card funds. The built-in providing, obtainable on the MineralTree platform, will present the safety of AMEX’s digital card expertise, which generates a single-use card quantity for every transaction. It additionally gives two-way synchronization with frequent accounting techniques.
“Rising center market corporations are all the time searching for methods to enhance money stream and convey larger effectivity to their monetary operations; one of many best methods to take action is by streamlining AP and changing extra verify spend to business playing cards,” stated MineralTree Founder and CEO BC Krishna in the identical press launch.