WEX (NYSE: WEX), a leading financial technology service provider, today announced that its Corporate Payments division has launched a business segment dedicated to serving the unique payments needs of financial institutions (FIs) and FI solutions providers. This announcement comes on the heels of an internal restructuring of Corporate Payments, the fastest-growing line of business at WEX. Financial services veteran Greg Sassone will lead this new initiative as a vice president, Corporate Payments. Prior to joining WEX in 2015, Sassone held senior roles in commercial payments at Mastercard and Citibank.
WEX processes nearly $70 billion in transactions globally on its platform, half of that already on behalf of financial institutions. The new FI solutions vertical is focused on enabling FIs to expand payments offerings for their commercial clients, including options in payment delivery methods and card networks. For more than a decade, WEX’s payment management platform has been at the forefront of leading industry standards: scalable, compliant and delivering maximum uptime. Its new vertical is distinct in that WEX uses Agile development and continuous improvement methods to ensure that its FI partners’ capabilities are always at the leading edge of development.
WEX invests $75 million a year in payments technology, including robust APIs to integrate into payments systems. As part of its continuous innovation strategy, WEX’s development teams are building cloud-native solutions on a microservices-based architecture to boost payment speed and efficiency. WEX also provides its partners with maximum choice across multiple card schemes with a single front end.
“Greg Sassone will lead a team of payments experts who are industry veterans and understand the challenges financial institutions currently face from a payments perspective,” said Jay Dearborn, president of WEX’s Corporate Payments division. “He’s an excellent, collaborative leader who will work with FIs to develop the right solutions.”
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider 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 4,900 associates around the world. WEX fleet cards offer 13.1 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $34.7 billion in 2018; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.