Partnership leverages WEX's precision technology, Higher One's industry expertise
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Nov. 26, 2012-- WEX Inc. (NYSE: WXS), a leading international provider of physical, digital and virtual corporate card payment solutions, today announced it has partnered with Higher One to launch VendorPay, a customized virtual payment solution for higher education institutions. VendorPay builds on WEX's e-payments technology proficiency in the online travel, insurance and medical payments verticals, and leverages Higher One's comprehensive understanding of the higher education market and its needs.
"As the pioneer in developing a virtual payment solution more than 10 years ago, we are continually looking for ways to bring our technology solutions to markets where there is a real need, like higher education," said Jim Pratt, vice president of corporate payment solutions at WEX. "Higher One's deep knowledge and experience in delivering efficiencies and cost savings to universities and colleges across the country makes it the ideal partner to offer the new VendorPay service."
Designed for campuses' accounts payable departments, VendorPay eliminates paper check disbursements to the campuses' vendors and suppliers, and it offers those vendors and suppliers an option to receive their payments faster and more predictably. Additionally, VendorPay simplifies accounts payable disbursements by streamlining not just the payment process, but also the secure storage of vendor data and payment preferences. It also combines detailed reporting and data for remittance and reconciliation for both the institution and the vendor.
"With a decade of campus know-how in simplifying disbursements, Higher One is excited to tap into WEX's aptitude in virtual payments technology and to offer a new opportunity for campuses to achieve significant cost savings as they navigate a challenging budgetary climate," said Miles Lasater, COO and co-founder of Higher One. "We look forward to building upon our partnership with WEX to grow our business and provide a new solution nationwide."
VendorPay is powered by WEX Bank, a subsidiary of WEX, and Boost Payment Solutions, a business-to-business payments solutions provider.
About WEX Inc.
WEX Inc. (NYSE: WXS) is a leading international provider of physical, digital and virtual corporate card payment solutions. From its roots as a pioneer in fleet card payments in 1983, WEX now provides its more than 350,000 customers ― representing more than 6.5 million cardholders ― with exceptional payment security and control across a wide spectrum of business sectors. The Company's operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,300 associates. For more information about WEX, please visit WEXInc.com.
Source: WEX Inc.
Jessica Roy, 207-523-6763