The Paypers

American Express has launched a new digital payment service dubbed PAYVE that enables large and mid-size companies to centralize the processing of payment methods including cheque, Buyer Initiated Payments (BIP), ACH and international wire through an electronic platform.

How it works

Clients send a file to American Express that includes instructions for vendors and various payment methods. American Express will then direct payments to each supplier using the designated method - cheque, ACH, international wire or BIP. PAYVE then processes payments to clients' banks.

The PAYVE digital payment service delivers visibility into and control over cash flow, providing clients with access to payment data, spend analytics and industry benchmarking.

In recent news, American Express has acquired Loyalty Partner, a marketing services company that offers loyalty programs in various countries such as Germany, Poland and India, in a bid to build and diversify its fee service revenues and expand its international presence.

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