American Specific, the bank card firm, and MineralTree, an accounts payable (AP) and fee automation answer supplier, introduced information on Tuesday (August 1) the launch of an built-in answer that brings effectivity to on a regular basis accounts payable (AP) processes.
In a press launch lined by Finextra, the businesses mentioned the partnership gives organizations with an easy-to-use platform that comes with their American Specific Company Card into their regular AP workflows. By doing this, it allows organizations to streamline the provider fee course of whereas receiving the advantages of paying by card, together with incomes assertion credit or Membership Rewards factors, rising working capital and optimizing money stream.
“At American Specific, we’re centered on serving to companies to plan, execute and effectively handle their business-to-business [B2B] funds processes,” mentioned Gint Balodis, VP of B2B Merchandise and Options, American Specific International Industrial Funds, within the press launch. “MineralTree affords a robust answer for our purchasers to handle their provider funds, and this integration will additional enhance the provider funds workflow from starting to finish.”
In line with the 2, many rising firms nonetheless comply with handbook processes in accounts payable and ceaselessly pay their suppliers with paper checks. These processes can result in inefficiency, lack of efficient monetary controls and publicity to varied types of fee fraud, together with costly examine fraud.
In an effort to reduce the usage of paper checks and combat funds fraud, the collaboration between AMEX and MineralTree will current an out-of-the-box answer with embedded American Specific digital card funds. The built-in providing, out there on the MineralTree platform, will present the safety of AMEX’s digital card expertise, which generates a single-use card quantity for every transaction. It additionally gives two-way synchronization with widespread accounting methods.
“Rising center market firms are at all times searching for methods to enhance money stream and convey higher effectivity to their monetary operations; one of many best methods to take action is by streamlining AP and changing extra examine spend to business playing cards,” mentioned MineralTree Founder and CEO BC Krishna in the identical press launch.
NEW PYMNTS STUDY: HOW LOCATION DATA CAN HELP BANKS PREVENT ONLINE FRAUD
The November 2020 examine How Location Information Can Assist Banks Forestall On-line Fraud, PYMNTS surveyed a balanced panel of two,141 U.S. shoppers who personal cellular gadgets and use credit score or debit playing cards no less than month-to-month. The examine examined their willingness to share cellular location information with FIs to maintain their accounts protected in addition to their curiosity in switching to banks that leverage geolocation instruments to stop fraud.
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