American Express and MineralTree are partnering to streamline business-to-business payments by incorporating the Amex virtual corporate card platform into MineralTree's accounts payable processes.
The agreement enables organizations to streamline the supplier payment process, while also receiving the benefits of paying by card and earning statement credits or reward points to increase working capital and cash flow.
“We are focused on helping businesses to plan, execute and efficiently manage their business-to-business payments processes,” said Gint Balodis, vice president of B-to-B products and solutions for American Express Global Commercial Payments.
“MineralTree offers a powerful solution for our clients to manage their supplier payments and this integration will further improve the supplier payments workflow from beginning to end,” Balodis said in an Aug. 1 press release.
The technology features Amex security for virtual card technology while also generating a single-use card number for each transaction.
In addition, MineralTree will include its two-factor authentication, two-factor payment verification, payment limits and integration with banks through Positive Pay. Its platform also includes automated invoice data capture and invoice approval workflows.
“Growing middle market companies are always looking for ways to improve cash flow and bring greater efficiency to their financial operations," MineralTree founder and CEO BC Krishna said in the release. "One of the easiest ways to do so is by streamlining accounts payable and converting more check spend to commercial cards."