WEX is rolling out a new industry-focused virtual card solution.
The commercial card firm said Monday (Oct. 31) that it is rolling out a virtual payments tool for the aviation industry. The solution, developed in conjunction with aviation software company MyFlightSolutions, takes the form of an app to help pilots and other professionals in the sector manage expenses and make payments.
Dubbed My Copilot, the app can be used by pilots, fixed-base operators, aircraft fuel distributors and others that need to manage expenses and payments, whether to make purchases for their businesses or to track spending while traveling.
“Enabling operators to quickly and automatically reconcile a pilot’s trip expenses is groundbreaking for aviation businesses,” said WEX Virtual Payments SVP and General Manager Jim Pratt in a statement. “Simply put, this app means that pilots will ‘free up’ their wallets, which are usually chock-full of fuel credit cards. Plus, aircraft operators no longer need to worry about losing track of cumbersome paper releases in order to buy fuel.”
WEX added that My Copilot offers automated receipt and spend tracking and uses Mastercard’s single-use payment technology for all purchases made for fuel and services offered by fixed-base operators. The solution can also be used for things like hotel and transportation expenses when pilots and other aviation professionals are traveling. Sellers process the single-use cards as they would a regular credit card at the point of sale.
The companies also noted that My Copilot can integrate into existing accounting and procurement solutions used by the aviation industry.
“The My Copilot app and WEX’s virtual payment solutions have flexible application program interface capabilities, which empowers aviation operations to seamlessly integrate the solution into current fuel order, scheduling, accounts payable or global distribution systems,” explained MyFlightSolutions President Tom Perkins in another statement.