WEX Announces Partnership with Citi on New GSA SmartPay® 3 Contract
November 07 2017 - 6:30AM
Business Wire
Partnership Makes WEX Eligible Provider on
Government Program for Next 14 Years
Today, WEX Inc., a leading global provider of corporate payment
solutions, announced that it is eligible to support U.S. government
card and payment services through its partnership with Citibank,
N.A., which was awarded one of two contracts for GSA SmartPay®
3.
Citi has selected WEX to offer their fleet card solution to
provide a range of services and offerings to a number of government
agencies. The new program runs through 2031 and Citi and WEX will
remain among an exclusive group of providers of card and payment
services to government agencies and organizations.
“Federal agencies deploy some of the largest fleets in the U.S.
today, and we are proud of the opportunity to compete for continued
work with these agencies to optimize their operations,” said Bernie
Kavanagh, senior vice president and general manager of North
America large fleet and strategic relationships at WEX. “Through
our relationship with Citi, we’re looking forward to ensuring these
agencies continue to have access to innovative card solutions that
help them manage the daily operations of their fleets for years to
come.”
WEX has successfully deployed more than 300,000 fleet cards to
help six federal agencies manage their fleet programs more
efficiently. Beyond the federal level, WEX holds contracts with
more than 25 states and agencies at all levels of government.
“Each of those 300,000 cards represents a successful partnership
with the federal government,” Kavanagh said. “We are pleased to be
recognized as one of only a few companies with the expertise,
scale, technology and relationships to support these large
customers, and we are proud to continue a collaboration that has
delivered value, innovation and cost savings to government
agencies.”
This marks the second time Citi and WEX have partnered on a GSA
SmartPay contract.
“We are pleased to continue our partnership with WEX in the GSA
SmartPay 3 program,” said Gonca Latif-Schmitt, Global Head of
Commercial Cards at Citi. “Together, we are able to combine our
expertise in Fleet and Commercial Cards to offer the federal
government with an industry best-in-class product suite.”
GSA SmartPay 3 is expected to facilitate a potential $700
billion in charge card and related payment transactions over the
life of the contract. The program is expected to be used by
approximately 560 customer agencies and organizations.
For more information on WEX, please visit: www.wexinc.com.
Forward Looking Statement DisclaimerThis news release
contains forward-looking statements, including statements
regarding: the Company’s intention finalize its agreement with
Citibank, N.A. for the new GSA SmartPay 3; and, expectations about
the amount of potential charge card and related payment
transactions and number of customer agencies and organizations. 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; changes in interest rates; the impact of
fluctuations in fuel prices; the effects of the Company’s business
expansion and acquisition efforts; 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 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 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 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 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.wexinc.com and follow WEX on Twitter at @WEXIncNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20171107005049/en/
WEX Inc.Jessica Roy, 207-523-6763WEX Corporate
Communicationsjessica.roy@wexinc.com
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