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American Express has launched a new digital money transfer platform called Global Pay, which will allow its customers to make fast, safe and transparent domestic and international business payments.
“Through this new digital solution, business customers can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, using a simple, mobile-friendly platform,” American Express said.
Eligible customers will also be able to earn rewards on foreign exchange payments.
American Express said that it had decided to launch the new platform after its own research found that two-thirds of small business owners in the US are planning to send more money overseas in 2022.
The demand for cross-border payments is soaring in the B2B sector and customers are becoming more discerning about the money transfer solutions they choose.
When asked what they want from cross-border payments platforms, around half of the respondents to American Express’s survey said that an intuitive user experience and transparent fees and rates are most desirable.
American Express believes that Global Pay has those traits after highlighting the new platform’s integrated user experience, transparent exchange rates, and simple steps for paying suppliers and reducing risks.
The decision by American Express to bring a new platform to market is testament to how critical cross-border payments are for startups and small to medium-sized businesses (SMBs).
Separate research found that 75% of SMBs attribute their survival during the pandemic to these payments, which are set to grow to almost $40bn by 2026.
The cross-border payments sector is thriving – to find the best provider for your money transfer requirements, take a look at our exhaustive list of money transfer reviews.
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