American Express Aggregation (AXP) is an American banking and biking casework association with operations in added than 130 countries. Its primary articles accommodate allegation cards, acclaim cards, banking casework and travel-related services, which it markets to consumers, business owners and corporations beyond the globe. Founded in 1850, the aggregation ranks as the world’s better payment-card aggregation as abstinent by acquirement volume, with about $1.1 abundance in absolute all-around spending billed during 2017.
Since February of 2018, American Express has been led by Chairman and CEO Stephen Squeri. Added top admiral at the aggregation accommodate Mohammed Badi (Chief Strategy Officer), Jeffrey Campbell (Chief Banking Officer) and Marc Gordon (Executive Vice President and Chief Information Officer).
American Express has apparent able tailwinds in contempo years, acknowledgment to a broadly advantageous all-around economy. This aggregation is consistently up for allegory adjoin Visa and Mastercard, its two primary rivals in the acclaim agenda business. Unlike these added two businesses, however, American Express is both the acquittal processor and issuer of its acclaim cards. While this could accessible up bigger profits if associates absorb more, it additionally exposes American Express to added cogent risks if the abridgement turns sour.
Fiscal year 2018 was a above success for American Express. The aggregation logged an anniversary accumulation of about $6.9 billion, which was added than bifold its antecedent years’ figure. Net acquirement was an best aerial for the aggregation of $40.3 billion, up 8% year-over-year.
American Express owns abounding dozens of accessory companies, best of which are organized to backpack out its business operations in adopted countries. Its best important subsidiaries accommodate two card-issuing banks and several banking casework firms based in the United States.
American Express Biking Related Casework Company, or TRS, is American Express’ arch operating subsidiary. As such, it is the actual ancestor of both of of the company’s card-issuing banks. TRS is advised as a banking captivation company, acceptation that the Federal Reserve has administration to administer and appraise its practices.
While TRS contributes to American Express’ business ventures in a array of ways, the aggregation is primarily amenable for accouterment personnel, facilities, systems and a host of added operational assets to assorted American Express branches and accessory companies. As a result, TRS is the absolute or aberrant buyer of best of American Express’ acknowledged entities.
The primary antecedent of acquirement for TRS is American Express’ abatement revenue, or the bulk becoming on affairs with merchants captivation agenda accepting agreements acclimated to facilitate affairs with cardholders of American Express acclaim cards. Further, TRS earns acquirement through agenda fees, biking commissions and more.
American Express Bank, FSB, is a federal accumulation coffer headquartered in Salt Lake City, Utah and wholly endemic by American Express. The coffer issues allegation cards and acclaim cards for baby businesses beneath the American Express Accessible brand. American Express Accessible cards and associated casework are targeted at firms with up to $10 actor in anniversary acquirement and beneath than 100 employees. On the customer side, American Express Coffer issues a array of allegation cards and acclaim cards beneath the American Express brand, including co-branded cards with American Express partners.
American Express Coffer additionally offers accumulation accounts and certificates of drop (CDs) to consumers beyond the country beneath the American Express Personal Accumulation brand. Accounts are alone accessible online; the coffer does not accomplish any retail locations. American Express Coffer additionally accepts deposits through third-party allowance partners.
[Important: This accessory of American Express was founded in 2000 and acquired by American Express National Coffer in April of 2018.]
American Express Centurion Coffer is the added above insured archive academy for American Express. This Utah-chartered automated coffer is headquartered in Salt Lake City. Centurion Coffer issues a array of customer allegation cards and acclaim cards beneath the American Express brand. American Express Centurion Coffer additionally accepts deposits through third-party allowance partners. The coffer does not accomplish any retail locations and is wholly endemic by American Express. As of Dec. 31, 2017, American Express Coffer and American Express Centurion Bake had added than $64 billion in absolute deposits combined.
Accertify, Inc. is a all-around artifice blockage aggregation with offices in Illinois, Mexico, the United Kingdom and Australia. The close offers a apartment of technologies and accoutrement acclimated to anticipate online acquittal artifice and administer the risk associated with card-not-present transactions. Its barter accommodate e-commerce companies beyond the globe, including the brand of StubHub, Inc., JetBlue Airways Association (JBLU), 1-800-Flowers.com, Inc. (FLWS) and Urban Outfitters, Inc. (URBN). Accertify is a accessory of American Express Biking Related Casework Aggregation and is run by Mark Michelon, President.
Accertify’s articles are accordant with acquittal networks acclimated to accomplish online purchases about the world, including all above acclaim cards and online acquittal providers such as PayPal Holdings, Inc. (PYPL). The aggregation offers artifice management, chargeback management, abstracts assay and acquittal aperture articles that can be accumulated to accommodate a abounding payments band-aid delivered via a hosted software-as-a-service (SaaS) platform. Accertify additionally offers managed account options beneath which e-commerce merchants can outsource the artifice administration action to Accertify’s agents of analysts. Founded in 2007, Accertify was purchased by American Express in 2010 for a fee of about $150 actor and is now a wholly-owned subsidiary.
AMEX Assurance Aggregation acts as the allowance advocate for biking allowance and added allowance articles marketed and awash by American Express companies. It additionally underwrites assertive allowance allowances provided to American Express allegation agenda and acclaim agenda holders, including car rental blow and blow insurance, continued assurance protection, artefact acquirement aegis and biking blow insurance. The aggregation does not accept any retail operations. This aggregation was founded in 1973 as American Automobile Allowance Aggregation of Illinois, after alteration its name in 1986. Since September of 2007, it has operated as a accessory of American Express.
As a above banking casework company, American Express makes common acquisitions of abate businesses, abounding of which it integrates into its ample belvedere of articles and services. One of the best contempo of these acquisitions was Pocket Concierge, a restaurant catch belvedere targeting businesses in Japan. Pocket Concierge was founded in 2011. American Express appear its accretion of the aggregation in January of 2019 for an bearding amount.
Many of American Express’ acquisitions are completed with the ambition of acceptable casework for absolute agenda associates in adjustment to facilitate affluence of use of American Express articles and to animate added spending. In March of 2018, for example, American Express purchased U.K. fintech startup Cake Technologies for aloof over $13 million. Cake provides a account acceptance restaurant-goers to pay a bill added easily. American Express adumbrated its affairs to accommodate Cake technologies into its belvedere to accommodate associates with an added service. Taking this as an example, it’s acceptable that American Express will abide to access added companies in adjustment to added extend its ability as a banking casework megacompany.
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