Corporate
Express Press Releases - 1999
Corporate Express (ticker: CEXP, exchange: NASDAQ) News Release - Tuesday, May 25, 1999 American Express Announces Expansion of Online Corporate Purchasing Through New Alliances and New Solution Set |
NEW YORK CITY – May 25, 1999 – American Express announced that it has expanded its network of electronic commerce alliances and has launched AXI Purchasing Solutions to help corporations and suppliers accelerate the adoption of online purchasing. Intelisys, Remedy and TRADEX Technologies, leaders in e-commerce, have agreed to integrate the American Express Corporate Purchasing Card into their systems, joining Ariba, Commerce One and Concur Technologies, which made similar announcements last month. These alliances represent a major step for American Express in its strategy to be the leading payment and reconciliation vehicle for companies that want to purchase more online. Bridging an important gap in the emerging e-commerce marketplace, American Express has enhanced its Corporate Purchasing Card with a set of features for online purchasing. The new AXI Purchasing Solutions facilitate the process of placing the order, fulfillment, reconciliation, data management and program maintenance. Used in combination with an e-purchasing system, the American Express Corporate Purchasing Card can help companies streamline the purchasing process for a total savings of up to 95 percent compared to manual purchase orders, according to a new detailed process study just completed by American Express and Ernst & Young Management Consulting. "The win-win for leading-edge companies is to implement an electronic purchasing system for ordering efficiency and the American Express Corporate Purchasing Card for payment and reconciliation ease," says Brigitte Baumann, General Manager and Senior Vice President, Corporate Services Interactive. "Unfortunately, as companies move to install a new online system, they often resort to paper invoices and payment by check, which actually creates extra manual labor." Alternative payment methods such as EDI (electronic data interchange) may not be the best choice for paying and reconciling on the Internet, Baumann notes. "For instance, EDI links are one-to-one connections, which are expensive to build and maintain. Our Corporate Purchasing Card, by servicing multiple suppliers and buyers on a uniform platform with the AXI Purchasing Solutions, is better suited to the Internet model," she added. Supporting Suppliers’ E-Commerce Push American Express is working with suppliers to promote the use of
online catalogs and is helping corporate clients make a transition
to electronic purchasing. Some of the major suppliers which welcome
the American Express Corporate Purchasing Card in their online
catalogs include: The Corporate Purchasing Card can connect a growing network of nearly 1,000 corporate buying organizations to over 50,000 suppliers capturing enhanced data, greatly expanding their online business-to-business exchange. In addition to this benefit, American Express offers a single-network advantage, offering clients enhanced levels of data capture since American Express has the direct relationship with both the buyer and the seller. The single network enables American Express to provide the best data accuracy rate of any purchasing card, which is critical for easy reconciliation and robust reporting. For example, American Express captures a unique order number and line item detail in the supplier transaction at the point of sale—essential to matching order information from the e-purchasing system to the accounting information provided by the Purchasing Card. About the American Express Corporate Purchasing Card: The American Express Corporate Purchasing Card (CPC), introduced in 1994, helps companies take charge of the purchasing process with a streamlined, detailed and easy-to-use system. For buying organizations and suppliers alike, the Corporate Purchasing Card can help cut costs, reduce paperwork, leverage data and expedite order delivery. For more information on the American Express Corporate Purchasing Card, visit our website at www.americanexpress.com/cpc. American Express is the leading provider of commercial cards and expense management solutions in the U.S. Through its Corporate Services group, the company counts nearly 75 percent of the Fortune 500 as customers of its Business Travel, Corporate Card and Corporate Purchasing Card programs. The American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.
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