Commercial card FinTech Pivot Payables has launched an integration with American Express (Amex).
The integration, announced Tuesday (Oct. 15), lets Amex business and corporate card members generate virtual cards within PivotLynx, Pivot Payables’ accounting automation application, getting requests to managers for budget approval and cost accounting.
“We are teaming up with American Express to give our customers access to the control, enhanced security and cash flow management that come with using an American Express virtual card, alongside the PivotLynx application,” John Toman, chief product officer and co-founder of Pivot Payables, said in a news release. “The integration helps us provide an elevated user experience and more value to our customers.”
According to the release, the integration also allows companies to individually apply virtual card spending controls. Upon statement closing, PivotLynx automates the reconciliation between the card statement and the general ledger, doing away with manual accounting steps.
To achieve this integration, Pivot Payables is taking part in the American Express Sync Commercial Partner Program, the company added.
The integration follows the news from earlier this month that American Express was joining forces with Boost Payment Solutions to provide commercial virtual card processing. That partnership, PYMNTS wrote, marks a new reality for buyers and suppliers in the B2B space.
“Virtual cards are no longer just a fancy alternative for making payments around travel and entertainment; they’re quickly becoming a cost-effective necessity for key transactions,” that report said.
“At the center of this new era is a renewed approach to supplier enablement aimed at dispelling long-standing myths and misperceptions around card acceptance.”
Traditional B2B payment avenues, like wire transfers or checks, can be slow, opaque and tough to reconcile with internal financial systems, PYMNTS wrote. And a lack of transparency can lead to inefficiencies, missed payments and a greater need for manual intervention.
At the same time B2B payment processes are quickly evolving as businesses seek faster, more efficient, and financially advantageous ways to oversee their transactions.
“By giving both buyers and suppliers benefits that include extending payment terms, enhancing cash flow visibility, reducing administrative burdens and offering financial incentives, B2B card payments help provide businesses with the tools they need to manage liquidity and remain competitive in a fast-changing market,” the report said.
“However, without buy-in from suppliers, the scalability of cards across the B2B landscape is limited, as these transactions are a two-way street.”