B2B Payments

WEX Taps Troovo For Robotic V-Card Generation

Corporate payments solution provider WEX announced this week it is collaborating with Australia-based robotics process automation firm Troovo Technologies.

Together, the companies said in a press release, they will integrate robotics process automation to generate virtual cards within the WEX platform for corporate spend management. Their partnership, which will impact business customers in the Asia Pacific market, enables companies to streamline their virtual payment processes.

Initially, WEX and Troovo will focus on businesses that need virtual payment solutions for traveling employees, the companies said. According to WEX, the company expects a 6 percent increase in annual APAC business travel spend for the next three years.

According to Troovo CEO Kurt Knackstedt, the collaboration will target travel agencies and corporate purchasing teams, allowing them to “utilize Troovo’s fully robotic virtual payments module along with WEX virtual cards to help eliminate manual intervention in payments and streamline the entire purchase-to-pay workflow.”

“At WEX we believe in creating new possibilities at the intersection of payments, data and technology,” said WEX Director of Market Development Corporate Payments APAC Justin Cross in another statement. “Our partnership with Troovo is the perfect marriage of these three elements. Troovo is a leading innovator in the travel technology space and partnering with them is a step forward in improving our service offering for our mutual and prospective customers.”

Robotics process automation is an increasingly disruptive force in B2B FinTech. According to Harel Tayeb, CEO of RPA company Kyron Systems, the technology “offers any business that relies on rule-based processes, whether that be financial or otherwise, the opportunity to boost profitability, increase operational efficiency and maintain a competitive advantage by automating much of the high-volume and repetitive processes.”

Yet Tayeb told PYMNTS that some professionals remain doubtful about the tool, particularly as anxieties remain about robots replacing human jobs. That risk, he said, is a “myth.”


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.