American Express (AXP) announced Monday that it's launching a new digital service for businesses that streamlines the processing of multiple types of payment methods through a single electronic platform.
The New York credit card company said the platform gives large and mid-size businesses the option to send checks, ACH payments and international wire transfers, among other payment types, to vendors.
"Clients are increasingly asking us to help solve more of their payments challenges. They want to focus less on operations and more on extracting financial value from their payments. With PAYVE, we can help them do that," said Andrew Jamison, Amex's vice president of global corporate payments, in a press release. "PAYVE will help companies streamline payments processes and better manage cash flow."