WEX Launches New Buyer/Supplier Integrated Payables Solution on a Single Platform
August 08 2017 - 6:30AM
Business Wire
Today, WEX Inc. (NYSE: WEX) introduced a comprehensive B2B
electronic payments platform designed to simplify the accounts
payable process and optimize the value of every supplier
disbursement. WEX’s Integrated Payables application will enable
companies across a wide variety of industries to reduce costs,
streamline processes and mitigate risk, while capitalizing on
discount and working capital opportunities.
Through our cloud-based bank agnostic framework, WEX’s
Integrated Payables platform supports the move to electronic
payments day one by integrating a wide variety of payment options –
virtual accounts (buyer and supplier initiated), network
settlements, ACH, EFT with discount administration and check
payments – through a single-source platform. The solution delivers
greater transparency and control over the accounts payable process
and easily integrates into leading financial systems, giving
companies the benefit of integrated reconciliation. WEX payment
consultants take a holistic approach, when working with financial
executives, in analyzing a company’s supplier payment portfolio and
developing a strategy to fully realize the savings potential.
WEX’s Integrated Payables solution is powered by Paygenus, a WEX
B2B payment network that makes it easy for buyers and suppliers to
send and receive secure payment information. Buying organizations
will spend less time managing supplier payment preferences,
handling inquires and updating banking information, creating
greater operational efficiencies. Suppliers will receive electronic
payments and remittance information to streamline receivables,
reduce DSO and improve access to cash. The Paygenus Payment Network
is comprised of tens of thousands of participating members
providing a balanced approach across the financial supply
chain.
“We’re creating a paradigm shift and making it easier, faster
and simpler to manage the complexities of accounts payable,” said
Bob Sneed, VP of Corporate Payment Solutions for WEX. “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,” said Sneed.
To learn more, visit
https://www.wexpayables.com/ap-solutions/.
About WEX Inc.WEX Inc. (NYSE: WEX) is a leading provider
of corporate payment solutions. From its roots in fleet card
payments beginning in 1983, WEX has expanded the scope of its
business into a multi-channel provider of corporate payment
solutions representing approximately 10 million vehicles and
offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers
and partners through its operations around the world, with offices
in the United States, Australia, New Zealand, Brazil, the United
Kingdom, Italy, France, Germany, Norway and Singapore. WEX and its
subsidiaries employ more than 2,700 associates. The company has
been publicly traded since 2005, and is listed on the New York
Stock Exchange under the ticker symbol “WEX.” For more information,
visit www.wexpayables.com or www.wexinc.com and follow WEX on
Twitter at @WEXIncNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20170808005015/en/
WEX Inc.Kellie Jones,
615-777-4613kellie.jones@wexpayables.com
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