American Express launches digital payment service for businesses

Centralizing the processing of multiple payment methods

American Express is launching PAYVE, a new digital payment service that enables large and medium sized companies to centralise the processing of multiple payment methods through a single, electronic platform (view press release). Payment methods available include check, ACH, international wire and American Express’s web-based payment solution, Buyer Initiated Payments (BIP). The solution is designed to improve working capital and cash flow management while streamlining accounts payable processes. Companies can also use the solution to accelerate their migration from paper cheque to electronic payments.

American Express claims that more than half of US B2B payments are still made with paper checks which, on average, cost companies 40-50% more to process than card or electronic payments. 

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