American Express introduces B2B APIs for virtual card integration, catering to fintechs and software developers.
American Express unveils a collection of B2B APIs for fintechs that make it simple to integrate virtual cards into enterprise IT applications. The decision was made at a time when embedded B2B payments are anticipated to reach $2.6 trillion in the US by 2026. The project targets businesses in the IT industry that provide solutions for procurement, expense management, and accounts payable automation.
Fintech companies and software developers can incorporate American Express virtual cards into their own spend management, procurement, and other business software solutions thanks to AmericanExpress’ SyncTM Commercial Partner Program. The business also has future plans to expand its B2B data and payment capabilities, including connectivity with mobile wallets.
Todd Manning, Vice President of the Worldwide Commercial Services Team at American Express, discusses the importance of AmericanExpress Sync.
According to Manning, “American Express Sync will give fintechs more B2B capabilities and ultimately enable their customers to get more value from the platforms they use to run their businesses.” With today’s announcement, American Express US Business and Corporate customers across the board will have more options for paying their vendors electronically.
Centime, an all-in-one platform for cash flow, accounts payable, and accounts receivable, is one of the program’s early adopters and is using it to give its SME customers greater protection and flexibility.
By incorporating American Express virtual cards, Eved, a global accounts payable and payments platform for events, media, and entertainment, hopes to make payments for their clients easier. Mobility providers will now be able to use virtual card transactions on HQ, a global platform for business ground transportation booking, billing, and payment.
Melio, an online SME payment platform, will develop a new browser extension utilizing Sync to enable virtual Card transactions for commercial purchases. Additionally, PayEm, a global platform for spend management and procurement, will use Sync’s on-demand virtual Cards to automate budget control and vendor payments.
According to Talia Mashiach, CEO, founder, and product architect at Eved, customers will be able to manage budgets, pay vendors, say goodbye to manual statement reconciliation, seamlessly integrate with enterprise resource planning systems for automatic coding, reveal detailed spend visibility, tighten controls, and comply with company policies by using American Express virtual Cards as a payment option within Eved.