WEX Inc. is partnering with travel management company (TMC) Grasp Technologies to power its payment solution GraspPAY as its virtual credit card issuer.
GraspPAY, which is currently used by over 60,000 companies in 100 countries, offers an integrated payment solution that delivers virtual credit cards to global distribution systems and online booking tools.
In recent years, virtual credit cards have seen a rise in popularity among businesses as a safe alternate to corporate cards, which are more prone to fraud.
GraspPAY customers will now be able to save more time and money and make “better informed decisions to drive business cost savings and efficiencies,” said Dave Lukas, Grasp Technologies’ vice president.
With the partnership in place, GraspPAY would now automatically generate WEX virtual cards within the booking process on a travel booking website. This is much faster and less labor-intensive than how TMCs have so far processed virtual cards. The new automated process replaces the need for TMCs to manually enter card details into global distribution systems (GDS).
“GraspPAY incorporates unparalleled technology and flexibility for use with the major GDSs and online booking tools and a global credit solution, all at no cost,” said Jim Pratt, WEX senior vice president and general manager of virtual payments. “Grasp Technologies is a respected leader serving TMCs globally, and WEX is excited to be the virtual card issuer as a part of this unique solution based on B2B travel market needs.”
While the partnership expands WEX’s reach in travel payments to an entirely new base of customers, the Portland, Maine-based company, in April this year, opened its services to a much wider business base by expanding its virtual and other payment card services to accept 11 currencies, including seven European currencies.
“This update enables WEX Europe customers to pay their global suppliers in local currencies more efficiently,” the company said in a statement.
The publicly traded company currently offers fleet payment card solutions for over 9 million commercial vehicles and also provides payment security and control solutions for various business sectors.
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