PayEm has integrated its global spend management and procurement platform with American Express.
This integration allows American Express Corporate and Business Card Members to use their existing account and PayEm’s platform to create and distribute on-demand virtual cards, PayEm said in a Wednesday (June 21) press release.
“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 visibility and control customers gain from PayEm’s spend management and procurement platform,” PayEm CEO and Co-founder Itamar Jobani said in the release.
For example, the new integration allows businesses to give employees on-demand virtual cards for one-time or recurring expenses and establish specific controls for each on-demand virtual card payment, according to the release.
The integration also enables companies to pay suppliers with on-demand virtual cards, use the American Express billing cycle to manage their cash flow, and earn the rewards of their eligible card when using on-demand virtual cards for business payments, the release said.
“The integration helps us provide an elevated user experience and more value to our customers,” Jobani said in the release.
PYMNTS research has found that businesses across the board have increased their investments in technologies to support their procurement processes.
For example, 42% of manufacturers and 31% of retailers are already investing in upgrading their procurement technology, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.
Beyond that, among those who have not already done so, 44% of manufacturers and 53% of retailers plan to make investments in this area, the report said.
PayEm’s announcement of the latest integration with its spend management and procurement platform comes about five months after the firm received $220 million in equity and credit financing to continue to grow its credit card operation and support its customers’ payment needs.
“A credit warehouse facility is a tool perfectly structured to support our customers’ payments activity and provide them with monthly payment terms in order for them to keep their businesses flowing as our business continues to grow,” Jobani said when announcing the financing in January. “The size of this credit raising reflects the growing volume of monthly transactions on the PayEm platform.”
