American Express Canada has launched American Express vPayment, a new digital payment solution that replaces plastic cards with virtual account numbers.
The financial services company says this will allow businesses to easily make payments and manage a wide range of corporate expenses.
Amex says the solution is a response to many finance executives saying their systems were outdated and needed improvements. With American Express vPayment, Amex says businesses will have simpler solutions with tasks such as booking travel, streamlining payment and reconciliation processes.
In practice, vPayment assigns a specific-use account number to each transaction, which allows users to set a payment amount, date range and other transaction details. Once expenses are reconciled, a transaction can simply be matched to its virtual account number.
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Source: Canada Newswire