American Express Buys Harbor Payments – enabling new suite of “source to settle” electronic purchasing systems

by Erin McCune on December 11, 2006

in Payables, Payments News

Courtesy of Bank Technology News

American Express has signed an agreement to acquire Atlanta-based Harbor Payments, a privately held provider of electronic invoice presentment and payment (EIPP) systems. American Express says the Harbor hosted technology will become the basis of its new suite of “source-to-settle” electronic purchasing systems, named S2S. It will begin marketing the package to corporations in the US in January 2007 and has plans to expand on a global basis later. "Our clients have been asking American Express to play a broader role in helping them manage expenses and reduce costs across a broad array of purchasing categories," says Gordon Smith, president of American Express Global Commercial Card. "The goal is to help companies automate and seamlessly integrate the multiple steps in the source-to-settle process." Harbor, founded in 2000, has approximately 200 clients. Financial terms of the deal were not disclosed. The deal is expected to close by the end of 2007

AmEx Press Release

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