American Express and American Express Global Business Travel Launch New Integration to Help Streamline Spend Management for Small Businesses

Rhea-AI Summary

American Express and Amex GBT announce a new integration to help small and mid-sized businesses manage their spend and expenses efficiently. The integration provides better visibility and control over employee spend, automates expense management processes, and offers seamless management solutions.

Insights

Market Research Analyst

An integration between American Express and Amex GBT's Neo1 platform represents a significant development in the financial technology and business services sector. This move is poised to streamline expense management for small and mid-sized businesses, which traditionally face challenges in managing employee expenditures efficiently. By incorporating a virtual card system into a comprehensive spend management platform, American Express is addressing a clear market need for more integrated financial solutions.

This innovation is likely to enhance customer loyalty and attract new business clients, potentially increasing American Express's market share in the B2B space. The availability of near real-time transaction data and the integration of accounting systems could lead to improved financial reporting and analytics for businesses, which in turn may contribute to better-informed business decisions and potentially improved financial performance.

From a market perspective, competitors in the payment solutions and business travel sectors may feel pressured to offer similar integrated solutions to remain competitive, potentially leading to a wave of innovation and new service offerings across the industry.

Financial Analyst

The strategic partnership between American Express and Amex GBT could have material financial implications for both entities. For American Express, the integration with a leading corporate travel management platform may result in increased transaction volumes as more businesses adopt virtual cards for employee expenses. This could translate into higher fee revenue from card transactions and a stronger position in the corporate payments market.

Investors should monitor the adoption rate of the integrated platform among small and mid-sized businesses, as this will be a key indicator of the initiative's success and its impact on American Express's revenue growth. Additionally, the cost efficiencies gained from digitizing expense management processes could lead to margin improvements for businesses, which may be reflected in American Express's financial performance over time.

Technology Analyst

The technological advancements embodied in the new integration between American Express and Amex GBT's Neo1 platform are noteworthy. Virtual cards are an increasingly popular digital payment method due to their security features and ease of use. The ability to issue virtual cards through a spend management platform could set a new standard for financial technology solutions, with implications for data security, transaction speed and user experience.

Furthermore, the integration of virtual cards with mobile app capabilities aligns with the ongoing trend towards mobile-first business solutions. The focus on built-in integrations with supply marketplaces and finance systems highlights a shift towards interoperable platforms that can easily connect with a variety of business tools, reducing the need for costly and complex custom integrations.

NEW YORK--(BUSINESS WIRE)-- American Express (NYSE:AXP), American Express Global Business Travel (NYSE: GBTG):

(Photo: Business Wire)

What it is:

• American Express, a leader in global business payments, and American Express Global Business Travel (Amex GBT)¹, a leader in B2B software and services for travel and expense, announce a new integration to help small and mid-sized businesses manage their spend and expenses.
• American Express is making it possible for businesses to issue a virtual Card (a dynamic payment option that replaces a physical card number with a digital Card number) for their employees via Amex GBT Neo1, a spend management platform. U.S. Card Members must enroll in Amex GBT Neo1. Once enrolled, Card Members can simply add eligible American Express® Business or Corporate Card accounts into the platform².
• The seamless integration of American Express virtual Cards into the Amex GBT Neo1 spend management platform supports automated expense management processes by combining the capabilities of an expense system, procurement platform, online business travel booking tool, and virtual Card issuance into a single smart ecosystem.

Why it matters:

• The new American Express and Amex GBT integration provides small and mid-sized businesses with better visibility and control over a range of employee spend including budgeting, purchasing with virtual Cards, booking business travel, and streamlined expense processing.
• Manual employee expense management processes cost businesses significant time and money and are prone to human error - issues that are only magnified for small and mid-sized businesses with more finite resources. More than a third (37%) of financial leaders say processing expense reports is a drain on time, according to Amex GBT.
• Digital payments like virtual Cards can help address these issues, as they help automate the expense management process, including employee spend management, with the option for employers to set specific spending controls and permissions.
• Businesses are looking for a seamless management solution that minimizes the traditional complexities of manual expense processes.

How it works:

• With the new integrated features in Amex GBT Neo1, businesses can set budgets, and issue American Express virtual Cards as payment options with controls that support their business needs and help make better, faster purchasing decisions.
• The new integration provides customers with:
  • All-in-one platform: Businesses can approve and manage budgets, connect accounting systems, efficiently submit, reconcile, and approve payments in one place, and configure visual dashboards for greater visibility into company spend.
  • Travel: Businesses can access Amex GBT’s marketplace, with comprehensive and competitive air, hotel, car and ground transportation services along with exceptional 24/7 traveler support.
  • Virtual Cards: Businesses can generate and assign American Express virtual Cards to specific users with flexible parameters to control employee spending, while also enabling individuals to spend online or at point-of-sale through their mobile wallet.
  • Transaction Data: Businesses get near real-time visibility to review and reconcile spend within a single platform.
  • Built-In Integrations: Businesses have the ability to access built-in integrations to leading supply marketplaces and finance systems without the need for complex system integration.
  • Mobile App: Businesses have app access to capture receipts and book travel on the go.

Who it’s for:

• American Express’ integration with Amex GBT Neo1 is available for small to mid-sized U.S. businesses with eligible American Express® U.S. Business or Corporate Cards that are seeking an easy way to plan, monitor, purchase, approve, and reconcile employees’ business spending.

American Express and Amex GBT on-the-record:

• “American Express and Amex GBT are coming together to help improve spend management for small businesses. We know managing employee expenses is becoming more complex, and our small business customers are looking for a solution that combines a range of features and capabilities,” said Dave Holmes, Vice President, Enterprise Strategic Partnerships, American Express. “Now, for the first time, businesses have access to American Express virtual Cards within Amex GBT's Neo1 platform, providing a better way to manage a variety of business expenses.”
• “We see businesses of all sizes facing increased complexity managing growth, spending and productivity,” said Fiona Hastings, Vice President of Neo1, Amex GBT. “Growing businesses simply don’t have time for cumbersome expense reports, disjointed budgeting processes, and the hours it takes to rebook and support more frequently disrupted travelers. Amex GBT is excited to bring Neo1 to more small and mid-sized businesses through our partnership with American Express, to help them overcome today's spend management challenges while paving the way for a smart, more efficient future where all employee spending needs can be serviced in one place,” added Hastings.

Learn more:

• To learn more about the American Express and the Amex GBT Neo1 integration or to register, visit here.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, threads.net/@americanexpress, tiktok.com/@americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.

ABOUT AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL

American Express Global Business Travel (GBT) is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.

¹ GBT Travel Services UK Limited (GBT UK) and its authorized sublicensees use the [“American Express Global Business Travel”/“American Express GBT Meetings & Events”] trademark under a limited license from American Express. “American Express” and the American Express logo are trademarks and the property of American Express Company or its affiliated or related companies (American Express). GBT UK is a subsidiary of Global Business Travel Group, Inc. (NYSE: GBTG). American Express holds a minority interest in GBTG, which operates as a separate company from American Express.

² Card enrollment required for eligible American Express Business and Corporate Cards. Separate enrollment with each of Neo1 and American Express is required to utilize combined product offering. There is no fee to generate American Express virtual Cards. Other fees on the Neo1 platform may apply. For you to make a Card payment through the service, the supplier must be an American Express accepting merchant. Please contact your Neo1 representative or email help@neo1.com to learn more.

Source: American Express

Location: U.S.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240304014854/en/

American Express

Megan Hunsicker, megan.c.hunsicker@aexp.com

Amex GBT

Taylor Aaron, taylor.aaron@amexgbt.com

Source: American Express

FAQ

What integration was announced by American Express and Amex GBT?

American Express and Amex GBT announced a new integration to help small and mid-sized businesses manage their spend and expenses efficiently.

What benefits does the integration provide to businesses?

The integration provides better visibility and control over employee spend, automates expense management processes, and offers seamless management solutions.

Who is the integration with Amex GBT Neo1 available for?

The integration with Amex GBT Neo1 is available for small to mid-sized U.S. businesses with eligible American Express® U.S. Business or Corporate Cards.

What features does the new integration provide to customers?

The new integration provides customers with an all-in-one platform, access to Amex GBT's marketplace, virtual Cards, transaction data visibility, built-in integrations, and a mobile app.

What do American Express and Amex GBT aim to achieve through this integration?

American Express and Amex GBT aim to help improve spend management for small businesses by providing a solution that combines a range of features and capabilities.