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Here's How WEX Will Benefit From Payment Logic Partnership
WEX Inc. (WEX - Free Report) recently collaborated with Melbourne-based FinTech Payment Logic for automation of car registration renewal process pertaining to businesses in Australia.
The partnership is aimed at integrating WEX virtual payments with Payment Logic’s Robotic Process Automation (RPA) solution. RPA takes a file of car registrations, inserts a WEX virtual card payment and enters the registration renewal in an automated manner, with no manual input required.
Justin Cross, director, Market Development APAC Corporate Payments for WEX stated that “Our partnership with Payment Logic is an important step towards AP automation, allowing Fleet Leasing Companies and AP departments to reduce the cost of manual processing of car registration payments.”
WEX’s Fleet Solutions Segment to Gain
WEX has been active on the partnership front to expand its product and service offerings in the market, thereby strengthening its position. The latest partnership is likely to help WEX strengthen its Fleet Solutions segment, which offers customers with fleet vehicle payment processing services, particularly designed for commercial and government use.
In the last reported quarter, performance of the segment was strong with revenues improving 20.6% year over year. The segment contributed the largest chunk (around 65%) to WEX’s total revenues in second-quarter 2018.
By offering an advanced payment solution, the company seems to be trying to keep itself ahead of its competitors like MasterCard (MA - Free Report) , Visa (V - Free Report) and American Express (AXP - Free Report) .
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