B2B Payments

New WEX Fleet Cards Gets GPS Capabilities

As an industry leader for fleet management and corporate fuel cards, WEX understands the demand for more robust payment solutions that go beyond spend control. Fleet managers are boosting their demand for solutions like mobile payment tracking, Big Data analytics and other technologies to help them save on fuel spending and keep their drivers safe and efficient.

WEX kicked off the week with news Monday (Aug. 3) that it will be meeting some of this demand through a partnership with GPS Insight. Together, the companies will launch the GPS Insight Fleet Card, a corporate fuel card that incorporates global positioning system technology.

The collaboration, the firms said, will provide greater security to the fleet spending tool and include the GPS Insight Vehicle Tracking Solution to provide automated refilling reports, payment authorization and vehicle fuel consumption data.

“Fuel card transaction data when combined with GPS-based location data and vehicle ECU data enables highly sophisticated reporting that will identify suspicious fill-ups, unauthorized card usage and vehicles with mechanical problems,” said GPS Insight Vice President of Business Development Harold Leitner in a statement.

The GPS Insight Fuel Transaction Report, also integrated into the new card, provides data to help fleet managers identify suspicious purchases and card activity. It will also link directly into vehicle fuel tank levels to provide accurate analysis of driver spending, the companies said.

“These reports leverage the data from the GPS Insight Fleet Card to bring transparency and actionable fueling information to fleets of all sizes,” Leitner added.

According to WEX and GPS Insight, the card brings SMEs stronger fuel consumption and spend controls that were previously only available to larger corporations.

WEX has been strengthening its SME services as of late. In June the company launched the WEX FlexCard in partnership with GE Capital Transportation Finance, a product that meets the unique needs of fleet managers operating in smaller companies.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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