FinTech service provider WEX on Tuesday (April 26) launched Flume, a digital payment platform to expedite payments for small- and medium-sized businesses, according to a company press release.
Flume is a digital wallet designed to help the 30 million U.S. businesses with less than $15 million in annual revenue who rely primarily on analog payment methods.
“For a small business operating in a market that often caters to the needs of the large enterprises, time is in short supply,” said Jay Dearborn, president of corporate payments at WEX, in the company press release. Flume seeks to level the playing field by offering mom-and-pop shops a personal CFO at their fingertips.
“Powered by an FDIC-insured digital wallet, Flume will allow SMBs to focus on growing their business while enhancing productivity, saving money and reducing costs,” he said.
Flume’s digital payments platform eliminates the need for a manual account payable (AP) and accounts receivable (AR) processes. Businesses can send, store and receive funds through a mobile and web app, and Flume’s digital wallet will enable accelerated and real-time payments.
“Most SMBs still rely on paper-based processes to power their businesses, which has served them well for decades,” said Matt Roy, co-founder and general manager of Flume at WEX, in the company press release. “But looking ahead to the next 10 years, we’ve heard from many of our customers, particularly in the trades, that their current workflows can’t keep up amid skyrocketing demand.
“Most tools on the market today are built for more modern, technology-enabled companies, leaving many of these physically-grounded businesses out of focus; that’s why we built Flume. Flume puts the power of customized, accessible software in their hands so they can stay focused on growth and not the paperwork,” he said.
The first Flume phase will focus on existing WEX fuel card users and new customers. Later this summer, WEX plans to release new software add-ons that will expand Flume to builders and tradesmen.
Related: FinTech WEX, Bestpass Launch Toll Management Tool
In January, WEX teamed up with Bestpass, which provides toll management solutions for commercial fleets, to launch a new product. WEX customers also have access to Complete Pass Scout, a Bestpass product accepted at every major toll road in America. Customers who use the toll product no longer need to manage multiple accounts with the country’s myriad tolling authorities.
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