American Express Global Corporate Payments (AXP), the division of American Express servicing companies from midsize to global Fortune 500 companies worldwide, today announced the company has joined forces with Intacct, a leading provider of cloud financial management and accounting software. Together, American Express and Intacct will seamlessly integrate commercial payments and working capital solutions into Intacct’s software. The partnership, announced at the annual Intacct Advantage Customer and Partner Conference, will allow thousands of midsize businesses to set up and use American Express Global Corporate Payments products, as well as manage and improve their supplier payments, within the Intacct cloud financial system.
Launching today, the Intacct Check Delivery Service will enable businesses to send check payments to suppliers and have their general ledger automatically updated – all with a click of a button. Additional card- and non-card payment solutions from American Express and Intacct will be coming soon.
Trend: Transitioning Payment Transactions to Cloud is Affordable and Necessary
According to the recent American Express Mid-Market Cloud-Based Solution Pulse, which surveyed more than 500 financial decision makers, 97% of mid-market companies plan to increase their company’s technology investments over the next year, with roughly 40% of their company’s technology investments allocated toward cloud-based solutions.
Additional findings from the online survey include:
- A large majority of mid-market companies (95%) agree that transitioning a company’s payment transactions to the cloud is an affordable and necessary option as technology becomes more advanced. Many companies see the benefits of transitioning, including streamlined processes:
- Nine-in-ten (94%) companies cite the positive effects a cloud-based payment platform can have on their transactions with new and existing customers and suppliers
- More than six-in-ten feel that the platform can make their company more efficient (68%), save time (68%) and money (63%)
- 70% and 62% of mid-market companies believe that ‘payment execution’ and ‘automatic general ledger reconciliation of payments’ can be streamlined through the use of a cloud-based payment system, respectively
“Midsize companies are the growth engine of the economy and these businesses are rapidly migrating towards cloud platforms to manage their business, as these solutions offer robust functionality and intuitive user interfaces and deliver industry leading value,” said Robert Reid, CEO, Intacct. “We are excited to partner with American Express to collectively enhance the rapidly-growing market for cloud-based business solutions and offer a high-level customer experience across the board.”
“We at American Express continue to serve the middle market segment and increasingly look to integrate and embed our payment solutions into the digital systems that customers use to do business,” said Darryl Brown, President, Global Corporate Payment Americas. “While middle market companies are increasingly adopting cloud solutions to support their priorities and investments for growth, supplier payments and financing still tend to sit outside of the cloud due to infrastructure hurdles and business model challenges. Our partnership with Intacct will facilitate the integration of payment services into their core financial management system, thus offering a ready-to-use solution without an IT investment.”
The American Express and Intacct partnership will reduce the costs of payment processing and provide customers with an integrated user experience, as well as drive operational efficiency through streamlined workflow, reduced payment processing errors, and automated updating of the general ledger.
About the American Express Middle Market Cloud-Based Solution Pulse
The American Express Cloud Payments Survey of Mid-sized companies was conducted online among a sample of 516 financial decision makers in U.S. Mid-Size Companies, defined as having revenues of $5 million to $1 billion annually. Interviewing was conducted by Ebiquity between October 20-27, 2014. Overall, the results have a margin of error of +/- 4.3% at the 95 percent level of confidence.
Ebiquity are independent marketing performance specialists. Ebiquity enables brands across the world to make better informed decisions to improve their brand and business performance across integrated communications channels.
Intacct is the cloud financial management company. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct accounting software, in use by more than 8,500 organizations from startups to public companies, is designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Intacct system includes accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, project accounting, fund accounting, inventory management, and financial reporting applications, all delivered over the Internet via cloud computing.
About American Express Global Corporate Payments
Through its Global Corporate Payments division, American Express offers a suite of B2B and T&E payment solutions that help organizations streamline processes and transform them into opportunities for savings, control and efficiency. American Express can help your organization increase working capital flexibility and strengthen relationships with suppliers. For more information, visit business.americanexpress.com/us/ .
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.