Amex launches online payments
PURCHASINGB2B MAGAZINE: MAY/JUNE 2011
Amex Bank of Canada has launched Buyer Initiated Payments (BIP), an automated, web-based payments solution.
The solution is designed to take paper cheques out of the payment process, improve an organization’s working capital, reduce liquidity risk and offer early payment to suppliers, Amex said.
“At Amex Bank of Canada, we’re seeing growing demand from businesses for help in becoming strategic about payments and expense management,” said Rob McClean,
vice-president and general manager, global commercial card, Amex Bank of Canada. “In a tight economy where cashflow is king, companies are more focused than ever on maximizing their working capital and controlling spending.”
Through the BIP platform, buyers can send their payment instruction files to American Express, which will then deposit the funds directly into the bank account of the supplier.
The buyer then pays American Express at the end of a billing cycle. As well, The BIP platform allows buyers to extend days payable outstanding and decreases days sales outstanding for the supplier, improving cash flow.
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Amex launches online payments
