Global financial services company American Express announced today that it has entered into a new partnership with software and IT giant SAP Ariba. The partnership will see the two firms collaborate on new offerings aimed at American Express’ corporate customers, which will reportedly facilitate seamless commerce, secure payments, and easy reconciliation between businesses on a single platform.
Businesses will be able to use their existing American Express Corporate Cards to make virtual card payments through the platform. User will reportedly benefit from improved operational efficiencies created by elimination of the need to handle payments as a separate standalone process; increased control by having the ability to set a payment amount and timing of each payment, as a result of token-based virtual access and usage controls; improved working capital to manage cash conversion cycles; and improved reconciliation by providing greater payment status visibility and data enhancements.
“We are continuously looking for ways for our customers to conduct more business in a simple, intuitive and integrated manner. With over half of American Express’ largest global customers already using SAP Ariba to manage their expenses, this partnership has the opportunity to provide significant value for our joint customers,” said E-Bai Koo, executive vice president, Global Commercial Services at American Express. “We couldn’t be more excited about building a long-term partnership with SAP Ariba.”
Suppliers to companies using the new platform are expected to receive payments faster and benefit from the added security of token-based accounts.
“American Express’ unique integrated business model provides deep relationships with both buyers and suppliers. As a global leader in the payments space, they deeply understand the needs and pain points that businesses face throughout the supply chain cycle,” said Sean Thompson, senior vice president, SAP Ariba Business Network & Ecosystem. “Partnering with American Express as a new network extension partner – integrating virtual payment capabilities within Ariba Network – we’re able to deliver a true end-to-end procure-to-pay process to customers that changes the game in the corporate payments space.”
After the launch of the new services, SAP and American Express have expressed the desire to continue their collaborative relationship. Full details of the service will be shared at SAP Ariba Live, an event being held at the Austin Convention Center, April 1-3.