MELBOURNE, Australia--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that WEX Australia has updated its existing agreement with Flight Centre Travel Group (FCTG), one of the world’s largest travel agency groups, to provide virtual credit card payments for its retail stores.
WEX’s single-use virtual card technology, which assigns every transaction with a unique card number, will allow FCTG retail stores to efficiently manage supplier payments with the use of enhanced data, and automatically reconcile transactions at the store level. WEX’s Virtual Credit Card (VCC) solution will also significantly reduce the risk of fraud and misuse of cards. FCTG, which operates the largest retail travel group in Australia, will use the WEX VCC solution at all of its 1,200 retail businesses throughout Australia.
“The decision to extend the WEX VCC solution to its retail stores represents FCTG’s recognition that our virtual credit card solution simplifies transactions and enhances payment security,” said WEX Australia Managing Director, Greg Drumm. “The benefits to FCTG are clear and the simplification of transaction reconciliations within stores will be a major efficiency.”
FCTG Treasurer, Richard Humphreys, also commented about the measurable benefits for the travel group: “The adoption of WEX’s VCC solution throughout our retail stores in Australia will remove administrative tasks for our consultants allowing them to spend more time with our customers, and enhance controls with comprehensive reporting tools.”
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.
For more information about WEX Australia, please visit www.wexaustralia.com.
About Flight Centre
After starting with one shop in the early 1980s, FCTG has enjoyed remarkable growth to become a $16 billion TTV business consisting of more than 30 brands. The group has company-owned operations in 14 countries and a corporate travel management network that spans more than 90 countries. It employs more than 16,000 people globally and has a total of more than 2,800 stores and businesses.
For further information, please visit www.fctgl.com.