LONDON--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a global provider of corporate payment solutions, today announced its European travel customers now have the ability to issue and settle payments in 11 currencies, up from three currencies, through WEX Virtual Payments. As a result of this expansion, WEX Europe will issue virtual credit cards in the Australian dollar, Danish krone, New Zealand dollar, Norwegian krone, Polish zloty, South African rand, Swedish krona, Swiss franc, euro, U.S. dollar and British pound. In addition to companies headquartered in Europe, global companies with a European presence can also take advantage of this offering.
WEX, through its subsidiary WEX Europe, is strategically expanding its international footprint as a virtual payments specialist to provide credit, prepaid and debit solutions in all major currencies.
Based on WEX commissioned research, the European travel industry is currently worth approximately €345 billion, which indicates travel businesses’ focus on making international payments.
Myles Stephenson, managing director of WEX Europe said, “We’ve listened to our customers’ needs and business challenges, and implemented a solution that provides even more cost-effective ways to make international payments. This update enables WEX Europe customers to pay their global suppliers in local currencies more efficiently.”
He continued, “It also eliminates the risks of currency fluctuation, improves reconciliation in local currencies to ensure no variances, and makes any card network charges fully transparent.”
The multicurrency strategy will include additional enhancements over the coming months. Currently, WEX Virtual Payments are accepted in more than 200 countries and territories. Virtual credit cards were pioneered by WEX in 2000, and the company remains focused on serving the global travel industry where it has an extensive customer base.
For more information, visit our Europe and U.S. websites: www.wexeurope.com/solutions/wex-virtual-credit-card-multicurrency-offering and www.wexvirtualpayments.com.
About WEX Europe
WEX Europe is a leading provider of virtual and physical payment solutions issued for global acceptance with MasterCard and Visa. With a strategic focus on the travel industry, WEX Europe’s market leading virtual payment solutions offer either prepaid, credit or both funding options. WEX Virtual Card Numbers are issued in several currencies minimising foreign exchange costs and offered as credit, debit and prepaid cards to maximise per booking profitability. The Company’s prepaid business payment solutions help SMEs to transform the cost and management of payments to employees, suppliers and customers. WEX Europe also delivers fuel card processing solutions for private label and closed loop networks. For more information on WEX Europe, please visit www.wexeurope.com.
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 9 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,000 associates. The Company has been publically traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.