American Express announced the launch of its Sync Commercial Partner Program, a new suite of business-to-business (B2B) Application Programming Interfaces (APIs) designed to empower fintech and software providers. The move comes as a response to a booming embedded B2B payments industry, which hit a transaction value of $700 billion in the U.S. in 2021 and is forecasted to nearly quadruple in size to $2.6 trillion by 2026.
The program offers fintechs an efficient route to incorporate American Express® virtual Cards into their spend management, procurement, and other business software solutions. This integration enables fintech companies to deliver digital-first B2B solutions to their customers, facilitating more efficient and secure payment methods within businesses’ platforms. Over the forthcoming months, American Express plans to unveil additional capabilities, including the option for fintechs to integrate virtual Cards that can be added to various mobile wallets.
“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,” stated Todd Manning, Vice President on the Global Commercial Services team at American Express.
What differentiates American Express Sync from other solutions is its modern APIs, robust developer tools, and streamlined onboarding experience. Partners also benefit from the support of a dedicated American Express contact, tapping into the scalable capabilities and powerful backing of the American Express brand.
This initiative is targeted at technology organizations catering to U.S. businesses, particularly those offering accounts payable automation, expense management, spend management, and procurement solutions. A significant benefit of this program for small and medium-sized businesses is the added level of control over expenses, cash flow management, and security in payment processes.
Among the early adopters of the Sync program is Centime, a comprehensive platform for accounts receivable, accounts payable, cash flow, and banking solutions. Centime aims to use Sync to assist small and medium-sized enterprises (SMEs) prioritize and settle their bills while maximizing every dollar.
BC Krishna, Founder and CEO of Centime, remarked, “We’re eager to integrate with American Express to bring virtual Cards on-demand to our business customers. The American Express Sync Commercial Partner program will make it easy for us to prioritize the needs of our customers by offering enhanced security with the use of unique virtual Card numbers, as well as convenience and flexibility.”
Small Business Deals
Likewise, Eved, a global accounts payable and payments platform for events, media, and entertainment, plans to use Sync to allow its customers to pay thousands of vendors without leaving the Eved platform. Talia Mashiach, CEO, Founder & Product Architect of Eved, highlighted the convenience and control that the integration will provide to the meetings and events industry.
Other early adopters include HQ, a global platform for corporate ground transportation, and Melio, an online platform that assists SMEs with seamless transfer and receipt of payments. Both companies aim to use Sync to enhance their services, offering better control over expenses, improved security, and transparency for their customers.
PayEm, a global spend management and procurement platform, is also eager to leverage Sync to streamline vendor payments, employee spending, reimbursement requests, and budget control. PayEm’s CEO and Co-Founder, Itamar Jobani, praised the intuitive way the program will help manage payments, expenses, and cash flow.
American Express’s Sync program signifies a big leap forward for fintechs and SMEs alike, offering advanced payment processes and expense management solutions and serving as an innovative force in the ever-evolving B2B payments landscape.