Leverages WEX’s Sector Expertise in Virtual Payment Solutions
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jun. 7, 2013--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced the introduction of WEX Health, a customized virtual
payments solution, for the healthcare market. This product builds on
WEX's strategic entrance into this vertical in 2012, and expands upon
its virtual card success in the insurance, travel and education markets.
Jim Pratt, vice president and general manager of global virtual payments
for WEX said, “We are excited to bring our pioneering technology and
proficiency in virtual payments to the healthcare marketplace. The
Affordable Care Act and other industry changes have created new
challenges for healthcare businesses. WEX Health presents a solution to
help them drive cost savings, with secure and controlled electronic
payments to medical providers.”
The U.S. Department of Health and Human Services has identified the
adoption of electronic payments as a key area for cost savings for the
healthcare industry. Current estimates by The Council for Affordable
Quality Healthcare indicates that 80 percent - 90 percent of payment
transactions to providers are still made by paper check, which is a
highly inefficient and costly process.
The WEX Health product provides businesses with the ability to:
-
Automate reconciliation and improve data quality
-
Earn revenue share on payments processed
-
Create business rules and controls aligned with security and
compliance polices
-
Reduce fraud risk and misuse
-
Reduce the cost associated with paper checks
Launched in 2000 in the United States, the WEX Virtual technology has
been expanded into, Europe, Australia, and Brazil, as part of the
Company’s growth strategy. Today, WEX processes $31 billion in annual
commercial payments for 350,000 WEX Virtual customers.
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 7.6 million
cardholders and offering 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
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 www.wexinc.com.
Source: WEX Inc.
WEX
News media contact:
Jessica Roy, +207-523-6763
Jessica.Roy@wexinc.com
or
Investor
Relations contact:
Michael E. Thomas, +207-523-6743
Michael.Thomas@wexinc.com