B2B Payments

New WEX Platform Aims To Get AP Started With ePayments

In an effort to help corporate buyers get on board with electronic payments in their accounts payable departments, B2B payments  company WEX is launching a new platform to support the shift.

The firm said Tuesday (Aug. 8) that it is rolling out an Integrated Payables application, a cloud-based, bank-agnostic tool that supports electronic payments in AP. The platform supports virtual accounts, ACH, network settlements, EFT and check payments and aims to boost transparency and control over supplier payments. Data from the platform also integrate into existing financial platforms for easier reconciliation, WEX said.

The company developed the tool using its Paygenus B2B payment network that enables buyers to send payment and suppliers to receive payment.

“We’re creating a paradigm shift and making it easier, faster and simpler to manage the complexities of accounts payable,”  said Bob Sneed, WEX vice president of corporate payment solutions, in a statement. “By helping our clients take a more strategic and disciplined approach to payment optimization, and providing the tools to achieve it with WEX Integrated Payables, we are driving bottom line results for our customers and their suppliers.”

The launch of its B2B payments platform follows a partnership with Apptricity, which revealed it would integrate WEX’s corporate payment capabilities into its supply chain, travel and expense, and spend management offering.

Last month, WEX reported a 30 percent increase in Q2 revenue, hitting $303.9 million, up from $233.9 million during the same period  in the year prior. Though its latest offering is a B2B payments tool, WEX said that its earnings were boosted thanks to its fuel card and payments services, as well as its corporate travel services.

WEX reported a 13 percent increase in the average number of vehicles serviced worldwide between Q2 2016 and Q2 2017. Further, its Travel and Corporate Solutions card purchase volume grew 37 percent year-over-year during Q2. Its health and employee benefits solution similarly saw growth, with purchase volume increasing 7 percent, the company reported.

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