Based on the partnership between American Express and Payhawk, US-based companies can take advantage of both the card feed-linking functionality and the automated expense and spend management capabilities of the Payhawk system.
The card feed linking process
Card feed linking, also known as bank feed linking, transaction feed linking, or Bring Your Own Card (BYOC), is a process where transactions from a credit or debit card are automatically imported into a financial software or application.
The card feed linking process is facilitated through a secure connection between the financial institution that issues the card and the financial software or application. On top of the card linking, the card can also be used for virtual card provisioning with advanced controls.
American Express Card feed linking in Payhawk
In the Payhawk context, card feed linking means that you:
Issue virtual American Express Cards through Payhawk using the physical Cards as a funding source.
Start to manage your virtual Cards using the automated Payhawk expense and spend management capabilities.
Note that before your employees can start using their virtual American Express Cards issued through Payhawk, they need to activate them.
Benefits
You can use the automated expense and spend management solution by Payhawk while keeping the familiar experience of your current banking products.
You can also streamline reconciliation in Payhawk by linking American Express Card transaction feeds to the system.
Administrators can issue virtual American Express Cards over your linked physical American Express Cards.
Specifics
The American Express Card feed linking capabilities in Payhawk are only available for US-based companies.
In the case of group entities, only the companies registered in the US will be able to utilize the American Express Card feed linking capability.
You can link only your Business or Corporate American Express Basic Cards to Payhawk.
Reconciliation in the case of card feed linking
For Payhawk, reconciliation is the process of mapping and transferring your accounting data into exports and the ERP or accounting software systems you are using.
With the card feed linking capabilities, each transaction on the linked physical American Express Card appears as a payment executed through Payhawk. You can map each linked Card to a different General Ledger account.