American Express Launches Innovative Commercial Partner Program for Fintechs

American Express has taken a significant step forward in the fintech industry with the introduction of its Sync™ Commercial Partner Program, according to Finextra. This program aims to offer fintechs and software providers a seamless and straightforward method to integrate American Express® virtual Cards into their own business software solutions, including spend management and procurement tools.

The Sync™ program comes with exciting enhancements in the form of business-to-business (B2B) payment and data capabilities. In the coming months, fintechs will have the opportunity to integrate virtual Cards into various mobile wallets, opening up new possibilities for businesses to manage their finances digitally.

The demand for embedded B2B payments has been rapidly increasing in the United States. In 2021, the transaction value for embedded B2B payments reached an impressive $700 billion. It is projected that this figure will skyrocket and nearly quadruple to a staggering $2.6 trillion by 2026*. With the introduction of the Sync™ Commercial Partner Program, American Express aims to capitalize on this growing trend and provide fintechs the tools they need to offer their business customers digital-first B2B solutions within familiar platforms.

American Express Sync™ stands out from its competitors due to several distinctive features. Firstly, it offers modern APIs, providing developers with robust tools to create innovative solutions. Secondly, the program promises a streamlined onboarding experience, making it easier for partners to get started. Additionally, American Express offers dedicated support through a personalized contact, and partners can benefit from the scalability, strong backing, and extensive membership base of American Express.

The Sync™ Commercial Partner Program is designed specifically for technology organizations serving businesses in the United States. Ideal partners offer a wide range of solutions, including accounts payable automation, expense management, spend management, and procurement.

Todd Manning, Vice President on the Global Commercial Services team at American Express, expressed his excitement about the program’s potential impact. He stated, «American Express Sync will put more B2B capabilities in the hands of fintechs and ultimately enable their customers to get more value from the platforms they use to run their businesses. Today’s announcement means that our broad base of American Express U.S. Business and Corporate customers will have more ways to pay their suppliers digitally.»

The Sync™ Commercial Partner Program has already attracted early adopters eager to leverage its potential. Here are some of the partners and their visions for utilizing the program:

• Centime 

An all-in-one platform for accounts receivable, accounts payable, cash flow, and banking solutions, Centime aims to prioritize and simplify bill payments for small and medium-sized enterprises (SMEs).

• Eved 

As a global accounts payable and payments platform for events, media, and entertainment, Eved plans to enable its customers to use American Express for thousands of vendor payments without leaving the Eved platform.

• HQ 

This global booking, billing, and payment platform for corporate ground transportation will allow customers to use virtual Cards for various mobility services, including taxis, private car hire, ride-hailing, and corporate shuttles.

• Melio

An online platform that facilitates seamless payments for SMEs, Melio intends to create a new browser extension for American Express U.S. Corporate and Business customers, making business purchases with virtual Cards a breeze.

• PayEm

With a focus on spend management and procurement, PayEm aims to automate and streamline vendor payments, employee spending, reimbursement requests, and budget control for businesses.

The Sync™ Commercial Partner Program is poised to change the way businesses handle their financial transactions, offering innovative solutions, enhanced security, and greater control over expenses.