NASHVILLE, Tenn.--(BUSINESS WIRE)--Today, WEX Inc. (NYSE: WEX) introduced a comprehensive B2B electronic payments platform designed to simplify the accounts payable process and optimize the value of every supplier disbursement. WEX’s Integrated Payables application will enable companies across a wide variety of industries to reduce costs, streamline processes and mitigate risk, while capitalizing on discount and working capital opportunities.
Through our cloud-based bank agnostic framework, WEX’s Integrated Payables platform supports the move to electronic payments day one by integrating a wide variety of payment options – virtual accounts (buyer and supplier initiated), network settlements, ACH, EFT with discount administration and check payments – through a single-source platform. The solution delivers greater transparency and control over the accounts payable process and easily integrates into leading financial systems, giving companies the benefit of integrated reconciliation. WEX payment consultants take a holistic approach, when working with financial executives, in analyzing a company’s supplier payment portfolio and developing a strategy to fully realize the savings potential.
WEX’s Integrated Payables solution is powered by Paygenus, a WEX B2B payment network that makes it easy for buyers and suppliers to send and receive secure payment information. Buying organizations will spend less time managing supplier payment preferences, handling inquires and updating banking information, creating greater operational efficiencies. Suppliers will receive electronic payments and remittance information to streamline receivables, reduce DSO and improve access to cash. The Paygenus Payment Network is comprised of tens of thousands of participating members providing a balanced approach across the financial supply chain.
“We’re creating a paradigm shift and making it easier, faster and simpler to manage the complexities of accounts payable,” said Bob Sneed, VP of Corporate Payment Solutions for WEX. “By helping our clients take a more strategic and disciplined approach to payment optimization, and providing the tools to achieve it with WEX Integrated Payables, we are driving bottom line results for our customers and their suppliers,” said Sneed.
To learn more, visit https://www.wexpayables.com/ap-solutions/.
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 approximately 10 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 2,700 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.wexpayables.com or www.wexinc.com and follow WEX on Twitter at @WEXIncNews.