American Express has announced it has signed an agreement to acquire acompay, a digital payment automation platform from ACOM Solutions, that is designed to help business customers make supplier payments easily and securely, manage business spend, and improve cash flow.
The platform was developed in 2016 as a digital payment automation solution for accounts payable (AP) departments. The platform integrates with enterprise resource planning or accounting systems and supports cheque, automated clearing house (ACH), and card payments.
ACOM Solutions will continue to operate as it does now, supporting its core products not related to acompay, that include EZPay Suite, EZConnect, EZ Content Manager, and Document Management. ACOM says that over 1,500 midsize companies spanning multiple industries have used its solutions to automate AP payment cycles, eliminate manual payments, reduce costs, mitigate financial fraud and gain greater visibility and control of an organisation’s cash spend. ACOM customers process over 33 million payment transactions per year, representing over US$112bn.
Commenting on the acquisition, Anna Marrs, president of Global Commercial Services at American Express said: “acompay will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation capabilities and equipping our customers with the tools they need to improve the way they process and settle supplier payments,”
“Our customers are increasingly looking for turn-key, automated solutions to pay their suppliers,” continued Marrs. “Enabled by our integrated network of buyers and suppliers and a growing suite of partnerships and capabilities, American Express can provide digital payment tools and working capital that make it easy to pay suppliers anywhere in the world. The acquisition of acompay represents an important milestone in our strategy to become essential to how our customers pay for and finance what they need to grow their businesses.”