American Express launches “Buyer Initiated Payments”

BIP enables companies to increase the Days Payable Outstanding (DPO) while still paying vendors on time. This web-based tool linked to Corporate Card fits and works within existing processes and includes reconciliation reporting that simplifies tracking vendor payments. BIP also helps organizations and their vendors to participate in the trading cycle digitally thus avoiding payments through cheques and drafts.

Speaking on the occasion, Saru Kaushal, Vice President and General Manager, Global Corporate Payments, American Express Banking Corp., said, “Moving to digital isn’t just a faster way for a company to make payments and get paid. It also can help businesses reduce processing costs, and provide a more efficient way to track and control expenditures. American Express has always brought innovative solutions for corporates, helping them manage their expenses more efficiently. We believe BIP will help both corporates and vendors to streamline their payments process and move towards the vision of a digital economy.”