American Express and Knot Team Up to Simplify Adding Card-on-File Payment Information
American Express (NYSE: AXP) and Knot, an Amex Ventures portfolio company, have launched a pilot feature to simplify adding payment information at select merchants. The feature allows select Amex customers to seamlessly add their card details for merchants like Bloomingdale's, Hilton, and Macy's. This collaboration leverages Knot's CardSwitcher™ technology and Amex's proprietary technology to enable secure sharing of payment data.
The partnership stems from Amex Ventures' Series A investment in Knot in 2023. It aims to solve common pain points for Card Members and merchants, enhancing convenience and reducing friction in online transactions. The feature requires no technical integration from merchants and allows customers to update card-on-file information instantly.
American Express (NYSE: AXP) e Knot, una società del portafoglio di Amex Ventures, hanno lanciato una funzione pilota per semplificare l'aggiunta delle informazioni di pagamento presso alcuni commercianti. Questa funzionalità consente a selezionati clienti Amex di aggiungere senza problemi i dettagli della propria carta per commercianti come Bloomingdale's, Hilton e Macy's. Questa collaborazione sfrutta la tecnologia CardSwitcher™ di Knot e la tecnologia proprietaria di Amex per consentire la condivisione sicura dei dati di pagamento.
Il partenariato deriva dall'investimento di Serie A di Amex Ventures in Knot nel 2023. L'obiettivo è risolvere i problemi comuni per i membri della carta e i commercianti, migliorando la comodità e riducendo il freno nelle transazioni online. La funzione non richiede integrazioni tecniche da parte dei commercianti e consente ai clienti di aggiornare istantaneamente le informazioni sulla carta memorizzata.
American Express (NYSE: AXP) y Knot, una compañía del portafolio de Amex Ventures, han lanzado una característica piloto para simplificar la adición de información de pago en ciertos comerciantes. La función permite a selectos clientes de Amex agregar sin problemas los detalles de su tarjeta para comerciantes como Bloomingdale's, Hilton y Macy's. Esta colaboración aprovecha la tecnología CardSwitcher™ de Knot y la tecnología propietaria de Amex para permitir el intercambio seguro de datos de pago.
La asociación surge de la inversión Serie A de Amex Ventures en Knot en 2023. Su objetivo es resolver puntos de dolor comunes para los miembros de la tarjeta y los comerciantes, mejorando la conveniencia y reduciendo la fricción en las transacciones en línea. La función no requiere integración técnica por parte de los comerciantes y permite a los clientes actualizar instantáneamente la información de la tarjeta guardada.
아메리칸 익스프레스 (NYSE: AXP)와 Knot, Amex Ventures의 포트폴리오 회사가 특정 상점에서 결제 정보를 추가하는 것을 간소화하기 위한 파일럿 기능을 출시했습니다. 이 기능은 선택된 Amex 고객이 Bloomingdale's, Hilton 및 Macy's와 같은 상점에 카드 정보를 원활하게 추가할 수 있도록 합니다. 이 협력은 Knot의 CardSwitcher™ 기술과 Amex의 독점 기술을 활용하여 결제 데이터의 안전한 공유를 가능하게 합니다.
이 파트너십은 2023년에 Amex Ventures의 Knot에 대한 시리즈 A 투자에서 유래하였습니다. 이는 카드 회원과 상인들이 공통으로 겪는 문제를 해결하고, 편리함을 향상시키며 온라인 거래의 마찰을 줄이는 것을 목표로 하고 있습니다. 이 기능은 상인들로부터 기술 통합이 필요하지 않으며 고객이 파일에 있는 카드 정보를 즉시 업데이트할 수 있도록 합니다.
American Express (NYSE: AXP) et Knot, une entreprise du portefeuille d'Amex Ventures, ont lancé une fonctionnalité pilote pour simplifier l'ajout d'informations de paiement chez certains commerçants. Cette fonctionnalité permet à certains clients Amex d'ajouter facilement les détails de leur carte pour des commerçants tels que Bloomingdale's, Hilton et Macy's. Cette collaboration exploite la technologie CardSwitcher™ de Knot et la technologie propriétaire d'Amex pour permettre le partage sécurisé des données de paiement.
Ce partenariat découle de l'
American Express (NYSE: AXP) und Knot, ein Unternehmen aus dem Portfolio von Amex Ventures, haben eine Pilotfunktion gestartet, um das Hinzufügen von Zahlungsinformationen bei ausgewählten Händlern zu vereinfachen. Diese Funktion ermöglicht es ausgewählten Amex-Kunden, ihre Kartendaten problemlos bei Händlern wie Bloomingdale's, Hilton und Macy's hinzuzufügen. Diese Zusammenarbeit nutzt die CardSwitcher™-Technologie von Knot und die proprietäre Technologie von Amex, um den sicheren Austausch von Zahlungsdaten zu ermöglichen.
Die Partnerschaft resultiert aus der Series-A-Investition von Amex Ventures in Knot im Jahr 2023. Ziel ist es, gängige Probleme für Kartenmitglieder und Händler zu lösen, die Bequemlichkeit zu erhöhen und Reibung bei Online-Transaktionen zu reduzieren. Die Funktion erfordert keine technische Integration von den Händlern und ermöglicht es den Kunden, Informationen zur hinterlegten Karte sofort zu aktualisieren.
- Simplifies payment information addition for Amex customers at select merchants
- Enhances customer convenience and reduces transaction friction
- Requires no technical integration from merchants
- Potential to increase online checkout conversions for merchants
- Demonstrates Amex's commitment to innovative payment solutions
- None.
Insights
This collaboration between American Express and Knot marks a significant step in streamlining digital payment processes. The pilot feature addresses a important pain point in e-commerce: the tedious task of manually updating payment information across multiple merchants. By automating this process, Amex is likely to see increased card usage and customer loyalty.
From an investor's perspective, this move could potentially boost transaction volumes and customer retention for Amex. The partnership also showcases Amex's commitment to innovation through strategic investments via Amex Ventures. This approach not only provides financial returns but also gives Amex early access to cutting-edge fintech solutions.
However, the scope of the pilot and the select merchant participation suggest a cautious rollout. Investors should monitor the pilot's success rate and any plans for broader implementation, as these will be key indicators of the feature's potential impact on Amex's bottom line.
This collaboration addresses a significant friction point in online shopping: card-on-file management. For merchants, this technology could lead to higher conversion rates and reduced cart abandonment, as customers won't need to manually update their payment information. This is particularly valuable for recurring purchases or subscriptions.
The involvement of major retailers like Bloomingdale's, Hilton and Macy's suggests strong merchant interest. If successful, this feature could give Amex a competitive edge in the e-commerce space, potentially leading to increased market share and merchant adoption.
However, the true test will be in the seamless integration and user adoption rates. Investors should pay attention to any reported metrics on checkout completion rates and customer satisfaction scores from participating merchants, as these will indicate the feature's real-world impact and potential for scaling.
How it Works
Knot is a fintech company specializing in card-on-file management. It offers a user-friendly solution for customers to automatically add their card-on-file at select merchants. With Knot, Amex can enable its customers to update card-on-file information instantly, enhancing convenience and decreasing friction experienced by merchants by requiring no technical integration.
The new functionality is possible because of two technologies working together. One is Knot’s CardSwitcher™, which lets customers change their payment methods easily with different merchants without the need to enter their Card. The other is American Express proprietary technology, which enables customers to share their payment data securely with their permission.
Relationship Between Amex and Knot
The new functionality is the result of a collaborative innovation process between American Express and Knot, which began with an initial Series A investment from Amex Ventures in 2023. Amex Ventures, the corporate venture capital arm of American Express, seeks to invest in early-stage startups that can help American Express accelerate innovation and create value for its customers and partners. Through its investment in Knot, Amex identified an opportunity to use the startup's technology to solve a common pain point for Card Members and merchants and worked closely with Knot to develop and launch the functionality.
For example, an Amex Card Member that has purchased items previously at one of the select merchants in the past, but not saved down their Card for future transactions can now easily do so when prompted. By utilizing the functionality, future transactions for the customer and merchant will occur more seamlessly.
“At Amex Ventures, we believe in more than just investing capital – we believe in helping founders validate product-market fit and scale their business through partnerships,” said Matt Sueoka, SVP and Head of Amex Ventures. “Our new functionality with Knot is a great example of how collaboration with portfolio companies can lead to meaningful commercial opportunities. We’re proud to work alongside innovative companies like Knot to bring new solutions to our customers and enhance the value of American Express membership.”
“We know Card Members and merchants alike value seamless digital experiences, and we are committed to delivering innovative solutions that make their lives easier,” said Stephanie Schultz, Vice President and Head of Partnerships at Amex Digital Labs. “Our partnership with Knot demonstrates how we’re using the latest technology to simplify payments for Card Members while helping merchants increase efficiency and drive online checkout conversions.”
“We’re excited to further our relationship with American Express and help improve the customer experience for Amex Card Members when checking out,” said Rory O’Reilly CEO & Co-Founder of Knot. “Partnering to power this functionality underscores our mission of building a financially interconnected future for both users and merchants.”
Select American Express US Consumer and Small Business Card Members interested in learning more about the functionality can log into their American Express account for additional details.
About Amex Ventures
Amex Ventures, the corporate venture capital arm of American Express, was formed in 2011 to invest in innovative startups to enhance American Express’ core capabilities and accelerate efforts in consumer commerce and B2B services. Amex Ventures has expanded its focus to include frontier tech and has invested in 100+ startups focused on commerce, payments, fraud prevention, data analytics, security and more. Amex Ventures is a global early-stage investor, typically investing at the Seed to Series B stage. Learn more 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, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.
About Knot:
Knot is a leading fintech company specializing in card-on-file management. It offers a secure, user-friendly solution for businesses to automatically switch saved payment methods at the request of their users. With Knot, card issuers can update card-on-file information instantly and seamlessly, enhancing the customer experience and driving increased interchange revenue from day one. Learn more at KnotAPI.com and connect with Knot on x.com/@KnotAPIs and LinkedIn.com/company/KnotAPI/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905953625/en/
Press Contact
American Express
Jacara Jenkins
Jacara.Jenkins@aexp.com
Jacob Wilson
Jacob.b.Wilson@aexp.com
Source: American Express Company
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