The news: American Express introduced Amex Business Link, a business-to-business (B2B) payments ecosystem that its issuing and acquiring partners can offer their business clients, per a press release. More than 500 businesses across five countries are already using Amex Business Link.
Here’s how Amex Business Link works: The solution lets B2B suppliers accept card and noncard payments from buyers locally and internationally. It integrates with enterprise resource planning and customer relationship management systems and offers reporting and reconciliation to help businesses keep track of expenses.
Why it’s worth watching: US B2B payments volume is expected to reach $30.700 trillion by the end of 2022, per Insider Intelligence forecasts. But buyers and suppliers often encounter pain points during the transaction process.
Amex Business Link solves the first pain point by giving B2B buyers and suppliers access to several payment methods in one system—including cards, Automated Clearing House (ACH), wire, and checks—so they’re not limited to certain transaction methods. Amex’s solution solves the second pain point by integrating with third-party business systems, helping streamline the financial process.
The opportunity: Amex Business Link’s key benefits to issuers and acquirers make Amex a more attractive network partner.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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