Enhancements will help streamline event budget
management and payment processing through international expansion,
an automated budget reconciliation process, and improved user
experience
American Express® (NYSE: AXP) and Cvent® (Nasdaq: CVT), a
market-leading meetings, events, and hospitality technology
provider, today introduced enhanced features to the Cvent Event
Marketing & Management platform that further expand virtual
payment capabilities, leveraging American Express’ integrated
budget management and payment automation solutions.
The enhanced features provide a seamless meetings & events
(M&E) payment experience for American Express Corporate Meeting
Card and vPayment clients using the Cvent Event Marketing &
Management platform, by:
- Streamlining onboarding and improving the user experience,
including a step-by-step escalation process to provide additional
support
- Simplifying M&E expense allocation with American Express @
Work Reconciliation®, a free 24/7 tool that eases the invoicing
process
- Increasing virtual funding account options with vPayment, an
American Express® payment solution that assigns a single-use
account number to each transaction to help increase billing
efficiency, expected to be available in the US and UK late
2022
- Incorporating an automated reconciliation process, providing
users with greater budget visibility, more audit controls, and
better data consistency, expected to be available early in
2023
“As large companies increasingly look to bring people back
together for client events or internal gatherings, they want more
simplification, efficiency and automation, and managing their
budgets has become more important,” said Dean Henry, Executive Vice
President, Global Business Financing, Payments & Digital
Experiences at American Express. “That’s why we partnered with
Cvent to deliver an enhanced virtual payment and automation
solution that helps provide a seamless user experience and better
serves our clients’ needs.”
According to the new American Express Meeting & Events
Trendex1, 97% of corporate event planners believe company events
and meetings are equally or more important compared to
pre-pandemic, with about three-fourths (74%) saying they expect
their 2023 meetings and events budget to increase. While over eight
in ten (81%) planners are already using an automated payment
process, 82% say they plan to further automate their payment
processes within the next six months.
Looking deeper into the main attributes corporate event planners
are looking for in a spend management software platform, the top
five are:
- Simple user experience (50%)
- Enhanced security (48%)
- One integrated meeting & expense budget platform (39%)
- Greater budget visibility (37%)
- Automated end-to-end reconciliation (37%)
Since 2018, American Express and Cvent’s virtual payments
integration has allowed event managers to pay suppliers and manage
meetings and events budgets with American Express virtual account
numbers via the Cvent Event Marketing & Management platform.
These new American Express and Cvent enhancements aim to address
growing needs as companies continue to reimagine what returning to
the office, M&E planning, and business travel look like.
“Capturing actual meetings and events spend has long been an
organizational pain-point with cumbersome invoices, manual
spreadsheets, and siloed processes – which ultimately leads to
decreased visibility and reduced budget control,” said Anil
Punyapu, Cvent Senior Vice President of Sales. “For over two
decades, Cvent has helped thousands of companies gain greater
control over these expenditures, and with our American Express®
payment enhancements, organizations can streamline their payment
and reconciliation processes to deliver greater visibility and
insights into their total meeting and event spend. In today’s
environment, controlling costs is essential for event programs to
maximize ROI and prove their value to the organization.”
To learn more about today’s announcement, please visit this
Cvent website or speak with your American Express or Cvent
representative.
METHODOLOGY
1The Morning Consult poll was conducted between September
1-September 5, 2022 among a sample of 305 Corporate Meeting
Planners & Event Organizers employed full time or part time,
with one of their main responsibilities including
organizing/planning/marketing events. The interviews were conducted
online. Results from the full survey have a margin of error of plus
or minus 6 percentage points.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: personal cards, business cards, travel services, gift
cards, prepaid cards, merchant services, Accertify, Kabbage, Resy,
corporate card, business travel, diversity and inclusion, corporate
responsibility and Environmental, Social, and Governance
reports.
ABOUT CVENT
Cvent Holding Corp. (Nasdaq: CVT), is a leading meetings,
events, and hospitality technology provider with more than 4,700
employees and approximately 21,000 customers worldwide. Founded in
1999, the company delivers a comprehensive event marketing and
management platform and offers a global marketplace where event
professionals collaborate with venues to create engaging, impactful
experiences. Cvent is headquartered in Tysons, Virginia, just
outside of Washington D.C., and has additional offices around the
world to support its growing global customer base. The
comprehensive Cvent event marketing and management platform offers
software solutions to event organizers and marketers for online
event registration, venue selection, event marketing and
management, virtual and onsite solutions, and attendee engagement.
Cvent’s suite of products automate and simplify the event
management process and maximize the impact of in-person, virtual,
and hybrid events. Hotels and venues use Cvent’s supplier and venue
solutions to win more group and corporate travel business through
Cvent’s sourcing platforms. Cvent solutions optimize the event
management value chain and have enabled clients around the world to
manage millions of meetings and events. For more information,
please visit Cvent.com.
This news release includes "forward-looking statements"
including, without limitation, statements regarding American
Express’ and Cvent’s expectations, beliefs, intentions, or
strategies regarding the future. These statements are based upon
current beliefs and are subject to many risks and uncertainties
that could cause actual results to differ materially from these
statements. The following factors, among others, could cause or
contribute to such differences: the risk that the benefits
described in this release are not realized and whether all
functions and capabilities discussed in this release will be
available as and when stated in this release. All forward-looking
statements are based on information available to American Express
and Cvent on the date hereof, and they assume no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Source: American Express Company
Location: U.S.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221019005650/en/
MEDIA:
American Express Melissa Filipek
Melissa.j.filipek@aexp.com
Cvent Erica Stoltenberg estoltenberg@cvent.com
M Booth Amber Bonnette AmberB@mbooth.com
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