Market Overview

Visa and WEX Team Up to Offer Choice and Versatility to Commercial Payments Customers

Share:

New issuance helps meet virtual card demands for business-to-business
payments, reducing reliance on checks

Visa Inc. (NYSE:V) and WEX Inc. (NYSE:WEX), a leading provider of
corporate payment solutions, today announced a new relationship, uniting
two of the world's biggest commercial B2B payment solutions. As part of
this arrangement, WEX and their corporate payment customers have the
ability to use a Visa virtual credit card to enable global
business-to-business (B2B) payments, thereby accessing Visa's network
security, global scale and value added services.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180724005130/en/

Currently, 51 percent of B2B payments in the United States are made via
check, costing businesses an average of $8 per check.1 However,
virtual credit cards are becoming a widely accepted form of payment for
B2B transactions. In fact, virtual credit cards are the fastest growing
commercial segment, expected to grow 24 percent by 2020.2
Virtual credit cards can offer a variety of solutions to common payment
challenges, such as additional security, precise controls for when,
where and how payments are authorized, lower costs of doing business,
easy reconciliations and global acceptance.

"As a world leader in payments, we are committed to creating payment
solutions that help businesses of all sizes end their reliance on checks
and take advantage of Visa's secure, fast and reliable global network,"
said Kevin Phalen, senior vice president, Global Business Solutions,
Visa. "We are pleased to partner with WEX, an industry leader and
innovator, to deliver B2B payments that will help our joint customers
thrive in dynamic global markets."

"A core component of our strategy is to be the only technology partner
that provides choice to customers to generate virtual credit cards on
various networks—allowing payers and payees to choose their payment
mode," said Jay Dearborn, president of WEX Corporate Payments. "And this
team-up is a key step toward bringing that to life."

As a leading commercial card issuer, with more than $30B in issued
corporate payment spend, WEX serves the travel, insurance and media
industries, among others. This new relationship with Visa demonstrates
that WEX is committed to providing choice to its customers. The
diversification of the WEX corporate payment portfolio emphasizes Visa's
growing role facilitating B2B payments, particularly within virtual
credit card issuance.

About Visa
Visa Inc. (NYSE:V) is the world's leader in
digital payments. Our mission is to connect the world through the most
innovative, reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction messages
a second. The company's relentless focus on innovation is a catalyst for
the rapid growth of connected commerce on any device, and a driving
force behind the dream of a cashless future for everyone, everywhere. As
the world moves from analog to digital, Visa is applying our brand,
products, people, network and scale to reshape the future of commerce.
For more information, visit https://usa.visa.com/about-visa.htmlvisacorporate.tumblr.com and @VisaNews.

About WEX
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 3,300
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.

1 2016 AFP Electronic Payments Survey, The Strawhecker Group
B2B Payments Overview 2017
2 Mercator Advisory Group
October 2017

View Comments and Join the Discussion!