WEX Virtual Payments Secures E-Money License and Becomes Principal Member of Mastercard in Europe
August 30 2017 - 6:30AM
Business Wire
WEX Inc.’s European Expansion Plans
Accelerate
WEX Inc. (NYSE: WEX), a leading provider of corporate payment
solutions, today announced its European office has secured an
Electronic Money Institute (EMI) license by the Financial Conduct
Authority (FCA) and, as a result, is now a principal member of
Mastercard.
The EMI license enables WEX to offer credit and therefore the
full product suite, in all 31 countries in the European Economic
Area, which according to the latest figures from PhocusWright, is a
travel market worth an estimated €273 billion. This new license
accelerates WEX’s European expansion plans, which have been a core
part of the global strategy of the virtual payments line of
business.
“Having our own e-money license and becoming a principal member
of Mastercard are key elements of our European strategy,” said Ian
Johnson, Commercial Director Europe, at WEX. “Almost all businesses
are looking for effective ways to manage supplier payments, and we
are pleased to provide our full range of products and credit
services across EEA."
He continued, “We’re always looking for ways to deliver more
service to our customers and this enables us to do so yet again:
being the card issuer ourselves makes us more agile in the
marketplace and with the widest product portfolio in this space we
are able to make significant savings for our customers. We’re very
customer focused and strongly believe that this move will make us
an even more valuable partner to them.”
WEX pioneered virtual payments in 2000, and the company remains
focused on serving the global travel industry where it has an
extensive customer base. WEX virtual payments are available in all
major international currencies, and as credit, debit and prepaid
cards, which minimise foreign exchange costs and help customers to
maximise per booking profitability. WEX virtual payments are
already being used in 210 countries and territoties worldwide and
in more than 150 currencies. For more information on WEX’s
solutions in Europe, please
visit www.wexvirtualpayments.com.
Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding: management’s expectations for European
expansion plans; and, the usefulness of the recently obtained
Electronic Money Institute (EMI) license from the Financial Conduct
Authority (FCA) and of being a principal member of Mastercard. Any
statements that are not statements of historical facts may be
deemed to be forward-looking statements. When used in this news
release, the words "may," "could," "anticipate," "plan,"
"continue," "project," "intend," "estimate," "believe," "expect"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such words. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
to differ materially, including: the effects of general economic
conditions on fueling patterns as well as payment and transaction
processing activity; the impact of foreign currency exchange rates
on the Company’s operations, revenue and income; changes in
interest rates; the impact of fluctuations in fuel prices; the
effects of the Company’s business expansion and acquisition
efforts; potential adverse changes to business or employee
relationships, including those resulting from the completion of an
acquisition; competitive responses to any acquisitions; uncertainty
of the expected financial performance of the combined operations
following completion of an acquisition; the ability to successfully
integrate the Company's acquisitions, including Electronic
Funds Source LLC's operations and employees; the ability to
realize anticipated synergies and cost savings; unexpected costs,
charges or expenses resulting from an acquisition; the Company's
failure to successfully operate and expand
ExxonMobil's European and Asian commercial fuel card programs;
the failure of corporate investments to result in anticipated
strategic value; the impact and size of credit losses; the impact
of changes to the Company's credit standards; breaches of the
Company’s technology systems or those of our third-party service
providers and any resulting negative impact on our reputation,
liabilities or relationships with customers or merchants; the
Company’s failure to maintain or renew key agreements; failure to
expand the Company’s technological capabilities and service
offerings as rapidly as the Company’s competitors; failure to
successfully implement the Company’s information technology
strategies and capabilities in connection with its technology
outsourcing and insourcing arrangements and any resulting cost
associated with that failure; the actions of regulatory bodies,
including banking and securities regulators, or possible changes in
banking or financial regulations impacting the Company’s industrial
bank, the Company as the corporate parent or other subsidiaries or
affiliates; the impact of the Company’s outstanding notes on its
operations; the impact of increased leverage on the Company's
operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; the incurrence of impairment
charges if our assessment of the fair value of certain of our
reporting units changes; the uncertainties of litigation; as
well as other risks and uncertainties identified in Item 1A of our
Annual Report for the year ended December 31, 2016, filed on
Form 10-K with the Securities and Exchange
Commission on March 6, 2017 and our Quarterly Report
on Form 10-Q for the three months ended March 31,
2017 filed with the Securities and Exchange
Commission on May 8, 2017. The Company's forward-looking
statements do not reflect the potential future impact of any
alliance, merger, acquisition, disposition or stock repurchases.
The forward-looking statements speak only as of the date of this
earnings release and undue reliance should not be placed on these
statements. The Company disclaims any obligation to update any
forward-looking statements as a result of new information, future
events or otherwise.
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 more than 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.wexinc.com and follow WEX on Twitter
at @WEXIncNews.
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JPW CommunicationsJamie Wortley, +44 (0) 1769
573444jamie@jpwcommunications.com
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