Amex, GreenSky partner to deliver virtual accounts, consumer loans
American Express says it will partner with point of sale financing provider GreenSky to test virtual card accounts and direct financing for businesses to offer to their customers.
U.S. merchants within the American Express network and their customers will have access to GreenSky's proprietary point of sale financing solutions, while GreenSky will have access to the American Express vPayment virtual payments solution to more quickly facilitate purchases through virtual account numbers.
The companies did not indicate when the testing phase would be complete, but noted the information about launch dates will shortly be made public.
"American Express is committed to backing businesses and their customers," Stephen J. Squeri, chairman and CEO of American Express, said in a Monday press release. "Our partnership with GreenSky, a fast-growing and innovative fintech company, will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales."
The partnership targets home improvement and some health care merchants that accept American Express.
Those merchants will be able to drive more sales by providing financing options for large purchases. Customers can apply for installment loan financing through the GreenSky mobile app, online or over the phone, and receive a decision and a transaction within 60 seconds.
"We've long admired American Express and all that the brand stands for," David Zalik, the CEO and chairman of the Atlanta-based GreenSky, said in the release. "Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs."