American Express first began testing the waters in Australia with its trade finance product, AccessLine, but according to reports on Friday (June 10), the credit card conglomerate is ramping up its efforts to gain more market share in this area.
American Express already has its AccessLine solution operating across the U.S., U.K., New Zealand and Singapore, reports said. The tool, which is an extension of Amex's commercial card product, aims to help businesses conduct both domestic and cross-border trade, even if their suppliers don't accept cards, reports noted.
Companies can register their suppliers in Amex's FX International Payments portal then place an order with that vendor. At checkout, American Express explains, companies can choose their Amex commercial card as the settlement method; the card is charged, and suppliers are paid as if via wire transfer.
American Express has largely focused on its commercial card segment in recent months to remain competitive. Last year, the company announced support for Apple Pay with both consumers and commercial cards in the U.S. and abroad, making it one of the only major credit card companies to facilitate corporate payments using the mobile wallet tool.
Some analysts have suggested Amex should offload all of its consumer-focused operations to focus on commercial payments, considered by some to be its core strength. Its most recent quarterly earnings figures, however, revealed better-than-expected results, even with consumer spending.