SOUTH PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that it has entered into an international agreement with Voxel Group, a global leading supplier of electronic billing and settlement services to the hospitality and travel industries.
The long-term relationship established by the agreement is based on the integration of WEX’s virtual payments solution into the Voxel-owned baVel electronic settlement platform that communicates directly with hotel property management systems. baVel’s world leading position in the provision of electronic invoices and WEX’s unique and world leading portfolio of virtual payment solutions are utilized by a wide variety of travel companies, such as, online travel agents, tour operators and travel management companies. The combination of the WEX and Voxel solutions accelerates the delivery and receipt of hotel invoices by automatically sending these at the relevant point in business-as-usual processes such as at customer check out. This enhanced process enables automatic validation of invoices and payments to be processed in real-time, allowing travel companies to streamline their settlement procedures and hoteliers to get paid significantly faster.
The combined WEX and Voxel service offering enables travel and hospitality businesses to:
• Trigger early and prompt receipt of hotel and other supplier invoices
• Capture relevant value-added tax (VAT), local tax and detailed service information to help streamline invoice approval
• Pay global suppliers securely and without any additional fees
• Automate payment reconciliation directly impacting profitability
“We are excited to be working with Voxel and integrating into the baVel solution globally,” said Renata Caine, vice president, virtual payments at WEX. “Our virtual payment solution provides travel companies with a number of potential immediate benefits, such as increased profitability, better cash-flow management, and reduced complexity of global supplier payments. This relationship will strengthen baVel’s leading position in the travel and hospitality industry and build on WEX’s stature as a global leader in payments.”
“The alliance with WEX represents a major breakthrough in our business model, as it will allow us to exploit synergies and leverage our respective customer bases by integrating electronic billing and electronic payments into a one-of-a-kind closed loop solution that will turn baVel into a true eSettlement platform,” said Xavier Ginesta, CEO of Voxel Group. “We are elated and eager to explore the new business opportunities and range of benefits that this new road will open up to our customers.”
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 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
publicly 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.
About Voxel Group
Voxel Group is the world’s leading
provider of electronic billing solutions in the travel industry, with
presence in 100+ countries and a trading partner network of over 400
travel companies (i.e. OTAs, TMCs, tour operators, travel agents and
incoming agents) and more than 40.000 hotels. baVel (Voxel Group’s
ebilling platform) has become the key component that allows our partners
generate huge savings in their AP and AR departments by streamlining the
invoice to pay cycle. Voxel Group has also fostered the adoption in the
industry of the Nature Friendly Billing stamp (www.naturefriendlybilling.com),
an ebilling-driven ecofriendly initiative geared at protecting and
preserving the environment we all travel in. For more information on
Voxel Group, please visit www.voxelgroup.net.
