WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced that WEX Europe Limited has entered into an
international agreement with Conferma, an expert provider of Virtual
Card Number (VCN) technology for corporate travel and expense.
The agreement builds on the virtual card technology and expertise of WEX
Europe and will provide Conferma and its clients with business benefits
internationally, building on WEX’s strengths in Virtual Credit, Debit
and Prepaid payment solutions. The relationship brings a unique prepaid
virtual product into Conferma’s suite of payment options for the first
time, enabling Conferma’s partners to optimize payments by selecting the
payment method that is most appropriate for each transaction type.
Conferma’s technology offers its clients greater efficiency and control
when paying corporate travel suppliers. A unique 16-digit VCN is
generated to settle each transaction. The VCN automatically matches data
from Conferma’s integrated network of Global Distribution Systems (GDS)
and online booking channels to transaction data from WEX to produce a
consolidated view of corporate travel expenditure.
The WEX Travel product provides businesses with the ability to:
• Generate single use Virtual Card Numbers for travel bookings
• Reduce costs and increase process efficiencies
• Streamline payment reconciliation
• Earn revenue share on processed payments
• Pay global suppliers securely with customized controls
• Seamlessly integrate with existing systems to support high volume
operational environments
Myles Stephenson, Managing Director of WEX Europe, said, “We are
delighted to provide our unique suite of payment solutions to Conferma
and offer their clients a clean, simple set of integrations on an
international basis. Our partnership will provide Conferma and its
clients with immediate business benefits not available through any other
single supplier of Virtual Credit, Prepaid and Debit payment options.
This distinctive partnership amplifies Conferma’s position as a leading
integrator and builds on WEX’s payment capabilities internationally.”
Simon Barker, CEO of Conferma, said, “We are delighted to welcome WEX
Europe into our network of payment providers, especially as our first
prepaid option. At Conferma we pride ourselves on being at the forefront
of innovation in FinTech / virtual payment technology. The way in which
our VCN technology has been shaped to support a prepaid option offers
clients greater flexibility and is testament to this innovation.”
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.7 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX Australia, WEX
New Zealand and WEX Europe, as well as a majority equity position in
UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,400
associates. For more information about WEX, please visit www.wexinc.com.
About WEX Europe
WEX Europe is a leading provider of physical and virtual commercial
payment solutions issued for global acceptance with MasterCard® and
Visa. With a strategic focus on the travel industry, our market leading
virtual payment solutions offer prepaid and credit funding options. Our
prepaid business payment solutions help businesses of all sizes to
maximise profitability and reduce cost by transforming how they manage
payments to employees, suppliers and customers. We also deliver fuel
card processing solutions for private label and closed loop networks. In
2012, CorporatePay was acquired by WEX Inc. and has been integrated with
WEX’s existing operations in the UK and the combined business is now
operating as WEX Europe. For more information on WEX Europe, please
visit www.wexeurope.com.
About Conferma
Conferma is an expert in Virtual Card Number (VCN) technology for the
settlement and reconciliation of corporate travel bookings. Conferma’s
VCN technologies enhance operational efficiencies and drive cost
savings, whilst providing tighter payment controls and offering detailed
and accurate data on corporate travel expenditure. Conferma first
launched its payment platform in 2004 and is privately owned.
Copyright Business Wire 2014