WEX Europe Enters Into Strategic Agreement with Conferma to Leverage Credit, Prepaid, and Debit Virtual Payment Technology
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that WEX Europe Limited has entered into an international agreement with Conferma, an expert provider of Virtual Card Number (VCN) technology for corporate travel and expense.
The agreement builds on the virtual card technology and expertise of WEX Europe and will provide Conferma and its clients with business benefits internationally, building on WEX's strengths in Virtual Credit, Debit and Prepaid payment solutions. The relationship brings a unique prepaid virtual product into Conferma's suite of payment options for the first time, enabling Conferma's partners to optimize payments by selecting the payment method that is most appropriate for each transaction type.
Conferma's technology offers its clients greater efficiency and control when paying corporate travel suppliers. A unique 16-digit VCN is generated to settle each transaction. The VCN automatically matches data from Conferma's integrated network of Global Distribution Systems (GDS) and online booking channels to transaction data from WEX to produce a consolidated view of corporate travel expenditure.
The WEX Travel product provides businesses with the ability to:
• Generate single use Virtual Card Numbers for travel bookings
• Reduce costs and increase process efficiencies
• Streamline payment reconciliation
• Earn revenue share on processed payments
• Pay global suppliers securely with customized controls
• Seamlessly integrate with existing systems to support high volume operational environments
Myles Stephenson, Managing Director of WEX Europe, said, “We are delighted to provide our unique suite of payment solutions to Conferma and offer their clients a clean, simple set of integrations on an international basis. Our partnership will provide Conferma and its clients with immediate business benefits not available through any other single supplier of Virtual Credit, Prepaid and Debit payment options. This distinctive partnership amplifies Conferma's position as a leading integrator and builds on WEX's payment capabilities internationally.”
Simon Barker, CEO of Conferma, said, “We are delighted to welcome WEX Europe into our network of payment providers, especially as our first prepaid option. At Conferma we pride ourselves on being at the forefront of innovation in FinTech / virtual payment technology. The way in which our VCN technology has been shaped to support a prepaid option offers clients greater flexibility and is testament to this innovation.”
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