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While banks, credit card operators and mobile wallet companies are busy pushing digital payment solution after demonetisation, American Express is looking to expand the scope of digital payment solution to corporates and vendors through its Buyer Initiated Payment (BIP), an electronic payment platform linked to corporate cards.
Slated to be launched on Friday, the credit card provider claims that BIP will allow firms to increase their days payable outstanding despite paying the vendor on time. It further said that its web-based tool linked to the corporate cards works within the existing processes of the company and includes the reconciliation reporting that eases tracking and even automation of vendor payment.
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“This will not only ensure complete efficiency in payment process, but also provides the customer with increased days payable outstanding as there is an extended payment term available on credit card to the maximum of 51 days,” said Saru Kaushal, vice-president and general manager, Global Corporate Payments at American Express.
She, however, said that for this to work efficiently, both the company and its vendors have to come on the platform.
