Payments company Wirecard is teaming up with cross-border payments firm AFEX to launch prepaid card solutions to corporates across Europe, the firms said Tuesday (April 18).
Wirecard Card Solutions will issue prepaid cards, both physical and virtual, in a collaboration using AFEX and Global Processing Services technologies to provide business clients with employee spend and payroll services, the companies said. According to an announcement, the cards will be marketed to businesses across Europe in a range of industries including oil and gas, legal, business aviation, travel management, shipping, and construction.
Dubbed the PayFEX card, the solution comes with a single online interface through which businesses can manage the cards and their balances, spending limits, and data for reporting purposes. The cards can be issued in Euros, U.S. dollars and British pounds, the firms noted.
In a statement, AFEX Chief Executive Officer Jan Vlietstra pointed to the changing face of the modern workforce as a key driver behind a collaboration that fits the digital and cross-border needs of businesses.
“Workforces are changing rapidly as the result of technological advancements, a rising number of millennials entering the business world and the growing gig economy,” the executive said. “This is having a profound impact on the relationships between employers and employees as well as on traditional banking relationships.
“The PayFEX prepaid card gives businesses a real alternative to banking when it comes to managing their employee payments and gives employees and customers the greater flexibility they demand,” Vlietstra added.
Payment Card Solutions developed the online portal, the firms explained, to enable businesses to capture spend data and allow employees to upload receipts onto the portal for expensing purposes. Global Processing Service will facilitate identity management and fraud protection for the PayFEX card suite and support real-time monitoring of spend. Wirecard will issue the prepaid cards.