American Express and WEX Solution Targets Accounts Payable Pain Points
American Express and WEX Inc. have announced a collaboration using WEX’s accounts payable technology, Synaptic. The solution simplifies the accounts payable (AP) process by working with businesses’ existing accounting systems.
Specifically, the solution will help American Express Business and Corporate Card customers make supplier payments via single and multi-use American Express virtual cards directly within Synaptic. This integration provides customers with increased efficiency, improved cash flow and the ability to earn rewards.
Synaptic helps reduce the time it takes for clients to pay their suppliers as it allows users to send payment instructions to Synaptic from their existing accounting system. Once the payments are processed, American Express virtual card payments are sent directly to suppliers. Users also have the option of adding an approval workflow before sending payments and users can gain access to detailed reporting to facilitate the reconciliation process.