American Express, the leading Small Business Card issuer in the U.S.[1], today announced American Express Global Pay – a new digital solution that enables U.S. businesses to securely make domestic and international business-to-business (B2B) payments.
Through this new digital solution, business customers can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, using a simple, mobile-friendly platform. Eligible customers can also earn Membership Rewards® points on their foreign exchange payments.
American Express Global Pay is currently available to eligible U.S. American Express Small Business Card Members.
“Businesses today start, grow and compete on a global scale,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express. “Our U.S. Small Business Card Members told us they want an international payment solution focused on simplicity, convenience and the chance to earn rewards – so we built American Express Global Pay to enable these businesses to easily and effectively manage their B2B payments globally on a secure platform, backed by the trusted service and unique benefits of American Express Membership.”
According to a June 2022 survey by American Express[2], 64% of U.S. small and mid-sized business owners and financial decisionmakers said they expect their total spend with businesses outside of the U.S. to increase over the next six months, and cite access to a wider range (43%) of products and services and supply chain diversification (35%) as some of the top business benefits of cross-border B2B spending.
However, one-quarter (27%) cited complexity of the process as one of the top obstacles when making cross-border payments. When asked about the attributes that small and mid-sized business owners and financial decisionmakers are looking for in a cross-border payments solution, nearly half (48%) said transparent fees and rates, on par with a simple user experience (44%). American Express Global Pay addresses these needs, the company says.
Additional countries and currencies will be added over time.
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American Express Global Pay is a money transmission service provided by American Express Travel Related Services Company, Inc. (American Express). This service is not available to consumers and is currently available only for American Express Business Card customers.
The American Express Global Pay service is a separate service from your American Express Business Card and has different features and terms. If you cancel your American Express Business Card (or if American Express cancels your Card), we will close your American Express Global Pay account. This means that you will not be able to make any more payments using American Express Global Pay.
Methodology
In partnership with a trusted third-party vendor, American Express (Amex) commissioned an online survey among n=315 U.S.-based small- and medium-sized business owners and financial decision makers who use/make business-to-business (B2B) cross-border solutions/payments, defined as those who have 1 to 250 employees. The survey was fielded between June 9- 16, 2022. The margin of error (MOE) for the total sample is +/- 6 percentage points.
[1] Nilson Report for non-American Express purchase volume in 2020; American Express based on internal data.
[2] American Express Global Payment Solutions Survey, June 2022.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
