The business expense-management world is changing things up as established financial institutions continue to compete with fintech platforms built around automation, real-time data and artificial intelligence. American Express has introduced a new generation of corporate offerings, combining corporate cards with expense-management software, a mobile app and planned AI agents.
This highlights how quickly things are changing for finance teams. Businesses are no longer looking only for corporate cards or standalone expense-reporting tools. They want platforms that can connect spending, accounting, payments and financial operations while reducing the amount of manual work required from finance teams.
Why AI is changing expense management
American Express announced its latest corporate offering this year, with new expense-management software and an Amex Expense mobile application alongside its Corporate Cashback Cards. The company also plans to introduce AI-powered tools, including an expense agent that can communicate with employees through SMS or Slack and suggest information such as expense categories, business purposes and project codes. A separate insights agent is planned to allow finance teams to ask questions about company spending and receive analysis and charts.
The development shows how much is changing in the fintech world. Instead of employees entering every detail of an expense manually and finance teams checking every transaction individually, AI and automation increasingly handle routine steps. This leaves people to deal with exceptions and decisions.
What this means is that American Express is entering a market that already includes a growing range of financial-management platforms. As of now, there are many options for financial platforms, such as the cloud-based software BILL, which offers accounts payable and accounts receivable functions for businesses. The need for more choice is evident in the increase in searches for BILL.com competitors as users look for options that cater to their specific needs.
Fyorin takes a more broad approach
Fyorin approaches expense management as part of a wider financial operations platform rather than treating employee expenses as an isolated thing. Its platform brings together payments, accounts payable, accounts receivable and expense management. According to Fyorin, the platform is designed to give finance teams visibility across accounts, entities and currencies while automating financial workflows. The company’s network connects businesses with thousands of banks and supports transactions in more than 100 currencies. This is something that is relevant for international businesses in particular.
Fyorin’s expense-management system is designed around the problem of transactions passing through multiple countries or jurisdictions. Its current product offering allows businesses to set budgets and approved claims in advance, connect spending to corporate cards, automatically categorise transactions and recharge costs.
Not just an expense report
One of the most significant changes in the market is the move away from expense management as a simple reporting process. Previous to software like this, an employee might make a purchase, keep a receipt, submit an expense report and wait for finance to review and reimburse it. Finance teams would then need to check the documentation, assign accounting codes, reconcile the transaction and eventually include it in the company’s financial records. Automation removes many of these individual steps.
Fyorin connects expenses directly to the company’s financial infrastructure. Employees can use company cards or submit claims, while the platform categorises spending and connects transactions with the appropriate financial records. Its integrations include accounting platforms such as Xero, QuickBooks, Sage, Microsoft Dynamics and NetSuite, streamlining the process significantly.
Where the competitive landscape is heading
American Express’s latest announcement shows how traditional financial institutions are responding to fintech competition by incorporating software and AI into products traditionally centred on banking and cards. Its planned AI agents show how expense management could increasingly become conversational, with employees asking questions or providing information through familiar communication channels rather than completing conventional forms.
For Fyorin, the distinction lies in its focus on global treasury and financial operations alongside expenses. The company’s objective is to provide a unified technology layer across cash management, payments, FX, payables, receivables and expenses rather than requiring finance teams to manage each process through a separate system. This could become increasingly relevant as companies expand internationally. Managing expenses in isolation may solve one administrative problem, but connecting expenses with the underlying payment infrastructure addresses a much larger part of the finance workflow.
The next stage of fintech competition
The arrival of AI options from American Express is another indication that expense management is becoming a highly competitive part of financial technology. The market is moving towards platforms that can automate routine decisions, find financial information and connect individual transactions with accounting and treasury processes.
For businesses, that creates more choice, but it also makes the differences between providers more important. A corporate card, an expense app and an AI assistant may address the employee-facing side of spending, while businesses operating across multiple entities and jurisdictions may also need to consider accounting integration, multi-currency capabilities, payments, reconciliation and treasury visibility. Fyorin’s approach is built around this. Rather than putting expense management as a standalone reporting tool, it connects expenses to the entire financial operations of a business.
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