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

American Express (NYSE:AXP), American Express Global Business Travel (NYSE: GBTG):

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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: