WEX (NYSE: WEX), a leading financial technology service provider, today announced that WEX commercial payment customers can now use Visa commercial virtual cards in the United States, Canada and Europe, increasing access to new geographies and currencies, along with additional innovation in the payment space.
WEX and Visa’s joint efforts further the existing 2018 collaboration between two of the world’s leaders in commercial B2B payment solutions. As of today, WEX is issuing Visa commercial virtual cards in the U.S. and U.K. in USD, GBP and EUR currencies, with more in the pipeline.
Committed to providing modern and simple payment solutions that unlock new business value for its customers, WEX satisfies many common payment challenges with its virtual credit cards. These challenges include the need for additional security; precise controls for when, where and how payments are authorized; lower costs of doing business; easy reconciliations; and global acceptance.
By offering a global payment solution with Visa, WEX is providing its customers with even more choices and the ability to streamline and simplify transactions across the globe, boosting global merchant acceptance options. This allows WEX customers the flexibility to choose the right payment channel for their unique needs.
“WEX operates with our customers’ long-term best interests in mind and always looks for new ways to improve our payment innovations,” said Jay Dearborn, president of WEX’s Corporate Payments division. “This evolution in our relationship with Visa allows WEX greater independence in decisions around the services that we offer and the opportunity for our customers to take full advantage of the innovations that come from our work with Visa.”
“At Visa, we continue to provide solutions for clients like WEX to help expand the capabilities they offer to their commercial clients,” said Kevin Phalen, SVP, global head, Visa Business Solutions, Visa. “We are pleased that WEX and their clients are now going to enjoy the benefits of Visa virtual commercial cards.”
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 4,800 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.