SOUTH PORTLAND, Maine--(BUSINESS WIRE)--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.
