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Text explaining how AMEX did benefit from this solution, focusing on numbers alone
American Express Business Link
Use Case
53.54%
Reduced transaction speed
23.54%
Reduced transaction cost
Problem
Amex Business Link (ABL) offers business-to-business (B2B) payments ecosystem for network issuing and acquiring participants to offer to their business customers. Amex Business Link makes managing payments easier for buyers and suppliers of all sizes by accepting card and non-card payments and supporting domestic and cross-border transactions. Source
Being a new digital ecosystem, ABL rely on established and long lived banking APIs and networks. Existing technology suffers from a variety of inefficiencies, such as, long latencies, high operation costs, complex fee structures and security flaws. Additional, current solutions are often based on closed-source proprietary protocols, making transactions more obscure whilst raising privacy and security concerns among end users.
ABL chose to partner with KEO to unlock opportunities for improved operation efficiency, with close to instant transactions at lower costs. Moreover, using KEO Rails, security and privacy concerns can be significantly reduced.
Solution
KEO Rails ABL solution is a platform allowing buyers to purchase items from suppliers by transacting in crypto (aka. stablecoin). Invoices are minted as NFTs on-chain and traded for tokens. Tokens are then exchanged to currency in supplier’s bank account. The blockchain technology allows for instant settlements whilst paying fraction of the fees and making transactions universal, auditable and highly secure.
Payments are assured by a pool of tokens for cash flow management by delaying the capital outlay required for ownership (aka. buy now - pay later). The pool is built from financing providers funds hence opening opportunities for generating returns by providing a virtually risk free steady income stream.
Both suppliers and buyers interact with the blockchain using a dedicated crafted mobile APP serving as a safe wallet for tokens and invoice NFTs. The APP also tracks transactions so that users can monitor payments and centralise financial management on the go.