'American Express' is explained in detail and with examples in the Banking edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.
The American Express Company proves to be the New York City headquartered multinational financial services outfit. It was established in 1850 and today is among the 30 constituents of the Dow Jones Industrial Average. The company is world renowned for its various traveler’s checks, chard card, and credit card businesses. The Amex cards make up around 24 percent of all credit card transaction dollar volume for the United States.
Interbrand and Business Week together rank American Express at number 22 for most valuable brands in the globe. They have estimated the Amex brand to be valued at almost $15 billion. Fortune magazine has Amex in its coveted “Top 20 Most Admired Companies in the World.” Their logo is recognized around the globe. This Centurion image dates back to its unveiling in 1958. The logo is found on their credit cards, charge cards, and traveler’s checks.
American Express has long served as an engine for American based commerce. Their innovative solutions cover expense management, payment needs, and travel planning for both businesses large and small and consumers. They assist their customers in achieving their goals and dreams with their benefits that lead the industry, insights into building businesses, access to one of a kind experiences, and worldwide customer care services.
When ranked by purchase volume, American Express boasts being the biggest card issuer in the world. To this effect, their company processes literally millions of individual transactions every day. They call themselves the leading network for card members who are high spenders.
Companies benefit from the many advantages that Amex offers them as well. Small businesses and their owners receive financial control and flexibility along with additional purchasing power and cash flow help. Large corporations obtain commercial payment expertise and tools to help them effectively manage their spending. This saves an aggregate of billions of dollars. Merchants are able to improve their business by utilizing Amex’s information management and marketing insights.
Card members enjoy the many benefits that American Express delivers. Their travel network turns out to be among the biggest in the world. They provide a wide range of rewards programs that lead the credit card industry. The company has consistently been regarded and awarded as the industry leading company for innovation. Customers benefit from 24 hours per day, seven days per week customer service that is offered around the globe.
American Express did not begin life as a financial services company. The firm’s founders Henry Wells, William Fargo, and John Warren Butterfield merged their companies to create an express mail business found in Buffalo, New York. While sister company at the time Wells Fargo & Co ran operations in California and the West, American Express handled New York state movement and shipment of goods, currencies, and securities.
They were so successful in their express shipment business that they enjoyed a New York statewide virtually monopoly of these shipments for many years. Their original entrée into financial services came when they started offering money orders in 1882 to compete with U.S. Post Office money orders. They began issuing their famed traveler’s checks in 1891 in denominations including $10, $20, $50, and $100 amounts.