SOUTH PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced the introduction of WEX Travel, a customized virtual payments solution, for the Brazilian travel market. This product builds on WEX's entrance into Brazil last year when it acquired a 51 percent interest in UNIK S.A., and expands upon its virtual card success in the United States, Australia, United Kingdom and Europe.
Jim Pratt, vice president and general manager of global virtual payments for WEX said, “We are excited to bring our pioneering technology and proficiency in the travel payments sector to Brazil. WEX counts among its clients three of the top four global online travel agencies. These companies use the WEX Travel solution to reduce costs, save time and help to eliminate fraud risk. We look forward to extending this expertise to Latin American businesses and their customers in the second half of this year.”
The WEX Travel product provides businesses with the ability to:
- Use single use virtual cards for travel booking
- Reduce costs and increase efficiency
- 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
Jose Roberto Kracochansky, CEO of UNIK said, “Latin America is becoming one of the most important regions in the global travel industry, and we are thrilled to further support local businesses through WEX Travel. The advanced payments technology, robust and intuitive solutions, and unrivaled service and knowledge underscore our commitment to providing unique business-to-business solutions.”
Both Pratt and Kracochansky will attend World Travel Market, a global event for the travel industry, in São Paulo on April 23 – April 25.
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. Today it represents more than 7.6 million cardholders, offering payment security and control across a wide spectrum of business sectors. The Company’s operations include: WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., acquired in 2012. UNIK´s cards are present in more than 8,000 companies throughout Brazil, with more than 1.5 million active cards. WEX and its subsidiaries employ more than 1,300 associates. For more information about WEX, please visit WEXInc.com. For more information about UNIK, visit www.unik.com.br.
