WEX to Provide Virtual Payment Solution for Grupo Transhotel
WEX Subsidiary, CorporatePay, to Manage Relationships Throughout Europe
SOUTH PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYS: WEX) , a leading provider of corporate payment solutions, today announced that it formed an agreement with Grupo Transhotel ("Transhotel"), a global supplier of travel related services, to provide the WEX Travel solution for Transhotel's supplier payments. The WEX Travel Solution allows Transhotel to reduce costs, increase efficiencies, and improve security with its pioneering single use virtual card technology. This agreement builds on WEX's virtual card technology and expertise in the travel industry and underscores WEX's commitment to service customers across Europe.
The WEX Travel product provides businesses with the ability to:
- Use single use virtual cards for travel booking
- Reduce costs and increase efficiency
- 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, CEO of WEX Europe subsidiary CorporatePay said, "We are delighted to join efforts with Transhotel and expand our footprint into the European travel payments sector. Through WEX's market-leading technology, Transhotel and its customers will increase efficiencies, cut costs and generate revenue for their businesses."
Luis López, CFO of Transhotel said, "Today is the start of a very positive collaboration. WEX offers us a flexible, secure and efficient payment system for our providers. The solution offered by WEX allows us to further concentrate on our core business activities, while we provide some of our services and tools to major partners."
About WEX Inc.
WEX Inc. (NYS: WXS) 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 7.6 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Company's operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,300 associates. For more information about WEX, please visit www.wexinc.com.
CorporatePay is one of the UK's leading providers of prepaid MasterCard and Visa card solutions for business as well as a consumer currency card programme. Operating across a range of sectors including travel, healthcare, media and production, CorporatePay helps clients maximise profitability and reduce cost by transforming how they manage payments to employees, suppliers and customers. In 2012, CorporatePay was acquired by WEX Inc., a leading provider of corporate payment solutions. For more information on CorporatePay, please visit www.corporatepay.com.
KEYWORDS: United States Europe North America Maine
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