Amex Corporate brings together the new American Express Corporate Cashback Cards, integrated Expense Management software, a new Amex Expense mobile app and American Express’ global service, the company said in a Wednesday (Sept. 30) press release emailed to PYMNTS.
The new American Express Corporate Cashback Card program enables businesses to control spending by setting specific parameters on where, how and when the cards can be used, according to the release.
Amex Corporate’s Expense Management software brings together Corporate Cashback Card management, transaction data, program controls and card expense workflows, while the new Amex Expense mobile app automatically generates expense submissions as purchases are made, the release said.
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American Express plans to add new AI agents to the Amex Corporate Expense Management software later this year. These will include an expense agent that will reach out to the employee when key details are needed for an expense submission, and an insights agent that will answer finance teams’ questions about company spending, per the release.
“Nearly 9 out of 10 businesses we surveyed told us their future growth depends on getting a better understanding of employee spending,” Raymond Joabar, group president, global commercial services at American Express, said in the release. “Our new Amex Corporate features are designed to help businesses know where money is going and who’s spending it, save time and simplify day-to-day operations, all backed by the trust and service of American Express.”
The PYMNTS Intelligence report “SMB Growth Monitor: How Firms Use and Choose Credit Cards“ found that when small and medium-sized businesses were asked about factors that influence their choice of a primary card, 15.7% mentioned “better card and spending analytics” and 13.8% cited “allows for better expense management.”
American Express reported in July that during the second quarter, commercial billed business rose 5%, with U.S. small to medium-sized businesses and large/global corporations growing at the same rate.
American Express said at the time that it had begun piloting a new expense management platform with middle-market customers, an area where management acknowledged competitive pressure from FinTech providers.
On Sept. 16, American Express launched a new high-yield Business Savings account as part of its strategy to add integrated financial solutions to Amex Business membership.
American Express also announced that customers can now apply for Business Savings, Business Checking or both through a single application and that they can manage their banking alongside their American Express card products online or in the Amex App.
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