Pivot Payables, a leading FinTech firm specializing in corporate financial operations solutions, has announced a groundbreaking integration with American Express.
This collaboration marks a significant enhancement to Pivot Payables’ offerings, integrating virtual card capabilities within its accounting automation application, PivotLynx. Through this integration, American Express® U.S. Business and Corporate Card Members can now generate on-demand virtual Cards, streamlining the expense management process significantly.
This innovative feature within PivotLynx allows for enhanced budgetary oversight and financial control, as virtual card requests are seamlessly routed to managers for approval and integrated into cost accounting practices. Furthermore, individual spending controls can be applied to each virtual card, tailored to specific business needs and project budgets. This ensures that spending limits and expiration dates are managed efficiently, enhancing overall financial governance.
The integration also significantly simplifies the accounting process. At the end of each statement period, PivotLynx automates the reconciliation of card statements with the general ledger, effectively eliminating the cumbersome manual steps typically involved in accounting processes. This automation not only saves time but also increases accuracy in financial reporting.
John Toman, chief product officer and co-founder of Pivot Payables, expressed enthusiasm about the collaboration: “We are teaming up with American Express to give our customers access to the control, enhanced security and cash flow management that come with using an American Express virtual Card, alongside the PivotLynx application. The integration helps us provide an elevated user experience and more value to our customers.”
Eligible card members will benefit from the ability to establish specific controls for each on-demand virtual card payment. These include setting spending limits, assigning expiration dates, and altering controls or deactivating cards as needed. The integration also promotes enhanced project-specific budget management and maintains stringent control over spending, further facilitated by the access to virtual card transaction data directly within the PivotLynx platform.
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