American Express has introduced Payve, a new digital payment service that allows large and midsize companies to centralize multiple payment methods through a single electronic system.
Payve aims to streamline accounts payable processes. Payment methods include check, automated clearing house, international wire and American Express’s web-based payment system, Buyer Initiated Payments. With Payve, companies are able to consolidate payments through a single system to increase control, efficiency and transparency of their payables. Companies can also accelerate their migration from paper check to electronic payments to reduce costs and make their accounts payable process more efficient.
“Untangling the payables knot is a priority for finance departments looking to help their companies compete and grow,” said IDC Financial Insights practice director Aaron McPherson. “Payments are often decentralized, time-intensive and frustrating to manage. Many businesses also rely far too heavily on paper checks, adding another layer of complexity and cost.”
To begin using the service, clients send a file to American Express that can include instructions for multiple vendors and various payment methods. American Express will then direct payments to each supplier using the designated method: check, ACH, international wire or BIP. Payve then processes payments to the clients’ banks, allowing companies to maintain their existing banking relationships and corporate processes.
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