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April 28, 2022, 10:11 a.m. EDT

American Express to work with Billtrust on automation for business payments

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By Emily Bary

American Express Co. /zigman2/quotes/203805826/composite AXP -1.18% announced Thursday that it would work with Billtrust /zigman2/quotes/213487046/composite BTRS +5.94% on automation related to business-to-business (B2B) payments. Through the collaboration, suppliers will be able to automate virtual card payments from their customers and obtain a "real-time view of their outstanding invoices and current cash flow," Amex said in a release. The company sees the partnership as a way to "enable suppliers to streamline acceptance of American Express virtual cards," the release noted. The collaboration aims to address needs that have popped up as more companies move toward electronic payments and away from "paper-based" methods for their business payments. "While this trend is helping to benefit business buyers and suppliers with faster payments and greater cash flow, it has left some suppliers in need of an automated accounts receivable solution that can keep up," Colleen Taylor, American Express's U.S. president for global merchant services said in the release.

/zigman2/quotes/203805826/composite
US : U.S.: NYSE
$ 138.74
-1.66 -1.18%
Volume: 2.14M
July 5, 2022 2:47p
P/E Ratio
13.91
Dividend Yield
1.50%
Market Cap
$105.73 billion
Rev. per Employee
$723,328
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/zigman2/quotes/213487046/composite
US : U.S.: Nasdaq
$ 5.35
+0.30 +5.94%
Volume: 328,335
July 5, 2022 2:47p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$825.24 million
Rev. per Employee
$247,598
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