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September 3, 2021

On the web

AmEx Deepens Its Ties in China Via an Acquiring Agreement With Leshua Technology

Digital Transactions

“U.S. payments networks continue to cultivate their connections to what is for them a potentially massive market in China. In the latest development, Leshua Technology announced early Friday it will support acquiring for American Express Co.’s joint venture in China. AmEx last year became the first foreign payments company to win approval to clear domestic transactions in mainland China. The card company, which in 2018 had gained clearance from the Peoples Bank of China to enter the Chinese market, is part of a joint venture in that country with LianLian DigiTech Co. Ltd., a Chinese fintech.”

July 7, 2021

On the wires

Lots of Amazon Packages This Week? American Express Evolves Its Digital Receipts Feature to Help You Easily Identify Those Purchases

“With more people shopping online, in February we rolled out Digital Receipts , a feature that gives U.S. Card Members access to additional information about their purchases with specific merchants, such as the merchant name and logo, order number, date of order, items purchased, details of cost and merchant description.   Today, we are expanding the feature to provide Card Members who shop on Amazon increased purchase information about their recent orders with the retailer. With the new Digital Receipts for Amazon purchases, Card Members will be able to see detailed information on their order including the specific items purchased, the order number and even delivery details.”

July 1, 2021

On the web

April 23, 2021

On the web

American Express Says Travel, Entertainment Spending Improving

Wall Street Journal

“American Express Co. is seeing consumer spending start to normalize as Covid-19 vaccinations pick up in the U.S. Spending in travel and entertainment categories rose 40% in March from February and bookings through American Express Travel jumped by 50% in the first quarter compared with the fourth quarter, Chief Financial Officer Jeffrey Campbell said in an interview Friday. Mr. Campbell said the number of people signing up for the company’s co-branded cards with Delta Air Lines Inc. rose 90% in the quarter compared with the fourth quarter.”

February 18, 2021

On the web

Amex Launches Digital Receipts to Reduce Buyer Confusion

PaymentsSource

“The explosion of digital commerce during the pandemic has triggered a surge in calls from consumers to card issuers and merchants seeking more details about purchases appearing on card statements. Some unrecognized purchases could be fraudulent in the current environment, but many are legitimate and American Express is attempting to make it easier for consumers to confirm transactions they made with the rollout of Digital Receipts.”

February 12, 2021

On the web

American Express Acknowledges DOJ Review of Card Sales

Wall Street Journal

“American Express Co. acknowledged Friday that government agencies, including the Department of Justice, have reviewed the company’s sales practices regarding small-business cards. The company said in a regulatory filing that in May it began responding to a regulatory review led by the Office of the Comptroller of the Currency and the DOJ’s civil division. AmEx said the review was connected to “historical sales practices relating to certain small business card sales.””

February 1, 2021

On the wires

American Express and Resy Launch – Order In, Help Out Campaign – to Boost Restaurant Takeout Sales

“American Express (NYSE: AXP) and Resy today launched a national campaign with a simple message: Order In, Help Out. As part of the Order In, Help Out campaign American Express and Resy are rallying consumers across social media to make #TakeoutTuesday a weekly occurrence. In addition, to help encourage Card Members to order out, American Express is introducing new dining offers on many of its cards.”

January 7, 2021

On the web

WSJ News Exclusive | Federal Investigators Probing AmEx Card Sales Practices

Wall Street Journal

“Federal investigators are probing business-card sales practices at American Express Co., according to people familiar with the matter. The inspectors general offices of the Treasury Department, Federal Deposit Insurance Corp. and Federal Reserve are investigating whether AmEx used aggressive and misleading sales tactics to sell cards to business owners and whether customers were harmed, the people said. They are also examining whether specific employees contributed to the alleged behavior and if higher-level employees supported it, some of the people said.”

December 17, 2020

On the web

American Express Dives Deeper Into Crypto With Trading Platform Investment

Bloomberg (paywall)

American Express Co. ’s venture arm has invested in the FalconX cryptocurrency trading platform, another sign that large financial services providers are tiptoeing into the digital-asset sphere. The credit-card provider didn’t disclose the amount invested in the San Mateo, California-based startup, which raised $17 million in May from the likes of Accel, Coinbase Ventures and a fund affiliated with Fidelity Investments’ parent company.”

November 17, 2020

On the web

American Express launches support for adding new cards to Apple Pay instantly after approval

9to5Mac

“American Express is deepening its integration with Apple Pay . The company has announced today that when you’re approved for a new American Express credit card, you can now instantly add that card to Apple Pay and begin using it immediately. American Express has always been ahead of the curve with its Instant Card Number feature, which allows users to access their card number and begin shopping immediately upon approval. With today’s expansion, however, you can also now add their new American Express card to the Wallet app on iPhone and Apple Watch for Apple Pay usage as well.”

November 16, 2020

On the wires

American Express Enhances Early Pay Supply Chain Solution for Large Companies

“Today, American Express (NYSE:AXP) announced enhancements to Early Pay in the U.S., the company’s supply chain payment solution to give large companies – and their suppliers – the ability to pay and get paid when they want through an easy-to-use digital platform. Initially launched in 2018, American Express’ Early Pay solution has evolved to provide important benefits to both buyers and suppliers. It helps buyers have greater control of their accounts payable process for their B2B payments, generate extra cash from early payment discounts and finance their payments should they need the working capital.”

November 10, 2020

On the web

October 26, 2020

On the wires

American Express and Uber Expand Partnership to Introduce New Offerings for Platinum, Gold & Green Card Members

BusinessWire

“American Express (NYSE: AXP) and Uber today announced an exclusive new offer for U.S. Consumer Platinum, Gold and Green Card Members and an Uber Cash benefit for Gold Card Members to bring their next at-home dining experience right to their doorstep and support the local restaurants in their communities. Starting today, U.S. Consumer Platinum, Gold and Green Card Members have access to a complimentary Eats Pass Membership for up to 12 months. Eats Pass is a monthly subscription through Uber Eats that offers unlimited $0 delivery fee and 5% off restaurant orders over $15 and $0 delivery fee on grocery deliveries over $30 in select markets – a value of up to $119. Card Members must enroll by December 31, 2021. Starting early next year, The American Express Gold Card will provide Card Members with up to $120 annually ($10/month) in Uber Cash which can be used on Uber Eats orders or Uber rides in the U.S. This builds on the Card’s existing benefits which include 4X Membership Rewards at restaurants worldwide and at U.S. supermarkets on up to $25,000 in eligible purchases per calendar year, 3X Membership Rewards points on eligible airfare, and a $120 (up to $10/month) annual dining credit for spend with select merchants.”

August 17, 2020

On the wires

American Express to Acquire Kabbage

“American Express today announced that it has entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward American Express’ goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools.”

August 14, 2020

On the web

Open banking fintech Yapily partners with American Express

Cards International

“Open banking infrastructure provider Yapily has partnered with American Express to assist in delivering Amex’s payment initiation service across Europe. The service, Pay with Bank Transfer, will use Yapily’s open API to gain bank coverage across selected European markets over the coming months. In addition, the two companies hope the alliance will enable Amex to reach new markets with its open banking product.”

August 11, 2020

On the web

AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage

Bloomberg (paywall)

American Express Co. is in advanced talks to buy the online small-business lender Kabbage Inc., which is backed by investors including SoftBank Group Corp. ’s Vision Fund and Reverence Capital Partners, according to a person familiar with the matter. The all-cash deal could value the closely held lender at as much as $850 million, including retention payments, according to the person, who asked not to be identified because the matter is private. An agreement could be announced as soon as this month, the person said, though talks could still fall apart.”

August 3, 2020

On the wires

American Express and Marriott Bonvoy Introduce Limited-Time Offers Designed to Fuel Local Travel and Experiences

“Today, American Express and Marriott Bonvoy™, Marriott International’s travel program, are announcing rewarding limited-time offers available to the Marriott Bonvoy™ American Express® Cards. As travelers plan to explore locally and take more road trips, these benefits will reward Card Members for purchases at U.S. gas stations, U.S. restaurants and participating Marriott Bonvoy hotels. In addition to current Card benefits, the enhanced offers will be available from August 3 to October 31, 2020, for eligible Marriott Bonvoy, Brilliant and Business Card Members.”

July 27, 2020

On the web

American Express Pays $955m to Renew Global Partnership With IAG

Cards International

“International Airlines Group (IAG), the owner of British Airways, has inked a multi-year agreement to extend its global partnership with American Express. Under the agreement, American Express agreed to pay IAG Loyalty nearly £750m ($955m) as the latter grapples with a cash crunch amid Covid-19 pandemic. The agreement involves the pre-purchase of Avios points that American Express will use for its British Airways co-branded cards and rewards programme.”

July 24, 2020

On the web

American Express Reports $1.6 Billion in Provisions for Credit Losses

Wall Street Journal (paywall)

“American Express Co. reported a large drop in second-quarter profit from a year earlier as the credit-card company logged provisions of $1.6 billion to cover potential credit losses. That provision rose from $861 million a year earlier and the increase “primarily reflected the deterioration of the global macroeconomic outlook,” American Express said. The company said the Covid-19 pandemic significantly affected results in the quarter. …”

July 14, 2020

On the wires

American Express Launches First Automated Accounts Payable Solution: American Express One AP™

“American Express launched American Express One AP™, the company’s first proprietary automated accounts payable (AP) solution that enables U.S. businesses to process supplier payments more easily and efficiently. The new American Express One AP, which is built on the technology acquired as part of the company’s purchase of acompay™ in 2019, offers complete end-to-end payment processing that supports multiple payment methods, including virtual Card payments, check, and ACH. The solution is designed to work seamlessly with businesses’ existing accounting systems.”

June 29, 2020

On the wires

June 26, 2020

On the wires

More Financial Freedom: SolarisBank and American Express Cooperate for Innovative Installment Product

“For the first time, members of a personal American Express Card in Germany will be able to use an installment option for card payments of EUR 300 or more. This is made possible thanks to a new cooperation with solarisBank. The technology company with a banking license has developed a new installment product “Splitpay”. This new service will go live in a pilot phase in July and will be available to all members of a personal American Express Card in the course of 2020.”

June 17, 2020

On the wires

June 15, 2020

Top Post

American Express Receives Clearance to Begin Processing Local Transactions in Mainland China

“American Express announced today that its joint-venture in mainland China, Express (Hangzhou) Technology Services Company Limited (“Express Company”), has received approval from the People’s Bank of China (PBOC) for a network clearing license. With this, American Express becomes the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company expects to begin processing transactions later this year.”

May 28, 2020

On the web

AmEx Shifts Hundreds of Salespeople to Take On Collections Work

bloomberg

“American Express Co. is shifting “hundreds and hundreds” of employees in its sales units to handle collections and other credit work, and plans to set aside more for loan losses this quarter. As the coronavirus pandemic sent unemployment rates soaring, the credit-card company quickly began moving sales workers to credit and collections, Chief Executive Officer Steve Squeri told investors at a virtual conference Thursday. The additional loan-loss reserves will probably be about as large as the $1.7 billion posted in the first quarter, he said.”

April 27, 2020

On the web

Romance Between Credit Cards and Travel Faces Strain

Wall Street Journal (paywall)

“Credit cards and travel have been intertwined for years. The coronavirus will put the strength of that pairing to the test. American Express on Friday reported a sharp drop in card spending in the travel-and-entertainment, or T&E, category. Weekly average T&E billed business via Amex’s proprietary cards was down almost 95% this year through April 19 versus the same period a year earlier, and remains flatlined.”

March 17, 2020

On the web

January 9, 2020

On the web

AmEx Moves Closer to Entering China’s $27 Trillion Market

Bloomberg

American Express Co. cleared a key hurdle in its bid to accessing China’s $27 trillion payments market after the central bank accepted its application to start a bank card clearing business.    The People Bank of China made the announcement on its official Wechat account Wednesday, without giving more details. The decision to accept the application signals that it’s moving closer to final approval.”

November 19, 2019

On the web

October 21, 2019

On the web

AmEx’s Discount Rate Returns to Its Year-Ago Level

Digital Transactions

“Issuer and acquirer American Express Co. said its global third-quarter discount rate—what merchants pay to accept the brand’s credit cards—was 2.39%, a slight increase from 2.38% a year ago. The uptick comes more than a year after AmEx said it would shave its worldwide discount rate in an effort to boost merchant acceptance. The effort, according to the company’s third-quarter results released Friday, bore out, at least for a time, as its fourth-quarter 2018 average discount rate dipped to 2.36%, its lowest point in the past year. AmEx does not divulge its discount revenue or rate by region. Its discount revenue of $6.57 billion increased 6.3% from $6.18 billion a year ago.”

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