American Express is launching a new digital solution called Global Pay that will enable US businesses to make domestic and international B2B payments.
The firm says that through the Global Pay platform, businesses can send payments from their business bank accounts to their suppliers in more than 40 countries in multiple currencies. Customers can also earn membership rewards points on their FX payments.
Dean Henry, executive vice president of global commercial services at American Express, says the firm built Global Pay to enable businesses to “easily and effectively manage their B2B payments globally on a secure platform”.
The company adds its latest offering provides an integrated user experience, simple steps that allow payments to be made easily, same business day payments, “transparent” exchange rates and a “streamlined” application process that enables businesses to get a response “in minutes”.
The Global Pay platform is currently available to US American Express small business card members.
American Express conducted a survey in June 2022 of more than 300 US small and medium-sized businesses (SMBs), and claims one-quarter (27%) of respondents cited complexity as one of the top obstacles to making cross-border payments. Nearly half (48%) the respondents said they were looking for transparent fees and rates, on par with a simple user experience (44%).
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