B2B Payments

WEX Enhances Fleet Spend Analytics Service

Corporate payment firm WEX is enhancing its fleet management and spend analytics offering, the company announced on Tuesday (April 24).

In a press release, WEX said its next version of ClearView, ClearView Snap, provides added features to the fleet expense analytics platform, linking fleet managers to insights delivered into email inboxes. ClearView Snap offers a dashboard view of fleet spend and other data and supports the needs of smaller fleets, the company said.

Snap is the third service in ClearView, which includes ClearView Essentials, a business intelligence and machine learning tool, and ClearView Advanced, which includes fuel price optimization and messaging.

According to WEX VP of Analytics Kurt Thearling, ClearView Snap provides quick, easily read insights for fleet managers to take action.

“By flagging areas of concern, ClearView Snap will enable fleets to address mishaps at early stages, helping protect their businesses from potential losses and long-term problems,” he stated. “We’re thrilled that we’ve been able to continue to enhance this powerful tool that has already provided ease of use and peace of mind to our customers.”

WEX is slated to report its Q1 2018 earnings in early May. Its Q4 2017 data beat analyst expectations fueled by corporate travel business; the company posted a 14 percent revenue increase year over year, reaching $331.3 million for the quarter. Its Travel and Corporate Solutions unit saw a 17 percent increase in purchase volume, reaching $7.4 billion.

Fleet analytics are an increasingly popular feature for fleet solutions as companies combat wasted spend and fraud. Data published in 2016 from Shell found nearly two-thirds of fleet managers say fuel fraud is a major problem for their teams.

Shell analysts said addressing fraud in the fleet department could provide more than 5 percent fuel cost savings for corporates.

“Because fuel is such a valuable resource, it will always attract criminal behavior,” said Shell U.K. Commercial Fleet Sales Manager Scott McGregor in a statement at the time. “We recommend every fleet or road haulage operator establishes a full set of tactics for defending their business against fraud and, ultimately, reducing its impact on their bottom line.”

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