Amex Accelerates Business AI Development Amid Fintech Competition

American Express is accelerating its business AI development to maintain its competitive edge in the market. The company has announced plans to release several new AI tools and accounts payable workflows in the coming months.

This move comes as fintech companies such as PayPal, Intuit, and Shopify are investing heavily in agentic artificial intelligence for business clients, creating a competitive landscape. Amex's internal development of AI is being driven by its acquisition of Hyper, an AI company, earlier this year.

The new tools will combine business payment cards, expense management software, and an enhanced mobile app into a single product bundle, aimed at mid-sized and large businesses. The corporate card lets businesses earn 1.5% cash back on eligible purchases, obtain physical and virtual cards for employees, and access expense management software.

Amex's AI pipeline also includes a new payroll system with 'AI-powered insights' scheduled for early 2027. This development is part of Amex's larger push to internally deploy and externally sell automation for relatively mundane business processes that still require time and expense.