AmEx nabs former Wells Fargo exec for new US merchant services role

September 10, 2020.

has hired Colleen Taylor as president of its merchant services division in the U.S., a newly created role that manages the relationships with millions of merchants that accept the payment network's card.

The New York-based credit card firm said Thursday that Taylor will join American Express on Sept. 14 from U.S. bank , where she served as executive vice president of merchant services. In that role, she provided "the strategic direction, financial management and leadership of Wells Fargo’s Merchant Services business,” according to American Express.

Prior to that, she held a similar position at Mastercard, serving as the executive vice president of new payments and overseeing product development in North America. Taylor has also worked at Capital One and JPMorgan Chase.

In her new post, she will report to the group president of global merchant and network services Anré Williams.

Taylor “is the ideal person to build on the momentum we have in our U.S. merchant business and fuel its growth into the future,” Williams said. 

The American Express global network of services for merchants said it is working to keep up with the evolving payments landscape by making payments and processing transactions more convenient for customers and businesses.

“The payments landscape has grown in complexity with the move to digitization and many more key stakeholders involved in the end-to-end processing of a transaction,” Taylor said. 

She added that she looks forward to “helping to continue to drive innovation and deliver differentiated products, services and capabilities to our merchant and acquiring partners.”     

This appointment comes a week after American Express said it will allow business charge cardholders to pay off certain purchases over time with interest, rather than making them pay off balances in full each month. Starting in November, this will apply to the American Express Green, Gold and Platinum business cards.

The bank also plans to purchase fintech Kabbage in order to build up its small-business-tailored product line and find new growth opportunities. Kabbage provides financing to small businesses, and in the deal American Express will buy the fintech’s data platform, technology products and employees. 

--Additional reporting by Theo Wayt and Reece Wallace

Saving