Expanded capabilities will help European travel businesses save on global supplier payments.
LONDON – WEX Inc., a global provider of corporate payment solutions, announced its European travel customers now have the ability to issue and settle payments in 11 currencies, up from three currencies, through WEX Virtual Payments.
As a result of this expansion, WEX Europe will issue virtual credit cards in the Australian Dollar, Danish Krone, New Zealand Dollar, Norwegian Krone, Polish Zloty, South African Rand, Swedish Krona, Swiss Franc, Euro, U.S. Dollar and British Pound. In addition to companies headquartered in Europe, global companies with a European presence can also take advantage of this offering.
WEX, through its subsidiary WEX Europe, is strategically expanding its international footprint as a virtual payments specialist to provide credit, prepaid, and debit solutions in all major currencies.
Based on WEX commissioned research, the European travel industry is currently worth approximately 345 billion euros which indicates travel businesses’ focus on making international payments.
Myles Stephenson, Managing Director of WEX Europe said, “We’ve listened to our customers’ needs and business challenges, and implemented a solution that provides even more cost-effective ways to make international payments. This update enables WEX Europe customers to pay their global suppliers in local currencies more efficiently.”
He continued, “It also eliminates the risks of currency fluctuation, improves reconciliation in local currencies to ensure no variances, and makes any card network charges fully transparent.”
The multicurrency strategy will include additional enhancements over the coming months. Currently, WEX Virtual Payments are accepted in more than 200 countries and territories. Virtual credit cards were pioneered by WEX in 2000, and the company remains focused on serving the global travel industry where it has an extensive customer base.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
