American Express has unveiled PAYVE, a new digital payment service facilitating large and mid-size firms to centralize the processing of multiple payment modes through a single, easy-to-use electronic platform.
The solution supports the payment methods including check, ACH, international wire and American Express’s web-based payment solution, Buyer Initiated Payments (BIP), the firm said.
The company claims that PAYVE assists enterprises to improve working capital and cash flow management while streamlining accounts payable (AP) processes.
A research study indicated that over half of US business-to-business payments have been processed with the inefficient method of paper cheques, costing companies 40-50% more than card or electronic payments.
The solution integrates all the payments through a single platform to increase control, efficiency and transparency of their payables, and help them to migrate from paper check to electronic payments.
IDC Financial Insights practice director Aaron McPherson said untangling the payables knot is a priority for finance departments looking to help their companies compete and grow.
"Payments are often decentralised, time-intensive and frustrating to manage. Many businesses also rely far too heavily on paper checks, adding another layer of complexity and cost," McPherson added.
American Express in association with its Global Corporate Payments group, the firm offers the Corporate Card, Corporate Purchasing Solutions, and other expense management services to mid-sized companies and large corporations across the globe.