MELBOURNE, Australia--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced a partnership with Melbourne-based FinTech Payment Logic, which will see both companies collaborating to automate the car registration renewal process for businesses in Australia.
Payment Logic has developed a Robotic Process Automation (RPA) solution that, when coupled with WEX virtual payments, enables the automation and payment of the car registration renewal process for fleets of vehicles. This solution takes a file of car registrations and, in an automated fashion, inserts a virtual card payment and enters the registration renewal without any manual input by the fleet owner, manager or administrator.
The 2018 ACA Research Corporate Fleet Insights Report estimates that, in Australia, there are 19,000 businesses operating fleets with 20 or more vehicles, with a total of 2,162,000 vehicles. WEX Management estimates that within a Fleet Leasing Company, the end-to-end car registration renewal process can take up to 12 minutes each time, or more than 430,000 hours per year across the fleet segment noted.
Justin Cross, Director, Market Development APAC Corporate Payments for WEX said, “The Accounts Payable (AP) process is usually managed manually, an approach that is not only tedious but also prone to human error. Our partnership with Payment Logic is an important step towards AP automation, allowing Fleet Leasing Companies and AP departments to reduce the cost of manual processing of car registration payments.”
Payment Logic CEO Sam Plowman said, “We are delighted to build this solution with WEX for the Fleet Management market. The RPA will enable Fleet Management Organisations to automate payments to their respective State or Territory vehicle registration authorities, and will significantly improve their car registration renewal process.”
Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,500 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $30.3 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
About Payment Logic
Payment Logic was created in 2013 to help businesses make payments more effectively and profitably by adding value to existing payment processes. Payment Logic’s cardholder initiated payments platform helps businesses optimise cash-flow, maximise loyalty rewards and enable businesses to negotiate early payment discounts for their business. This new vehicle registration RPA solution is now Payment Logic’s second service, offered in conjunction with WEX virtual payments.