MELBOURNE, Australia--(BUSINESS WIRE)--Oct. 9, 2018--
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced a partnership with Melbourne-based FinTech Payment
Logic, which will see both companies collaborating to automate the car
registration renewal process for businesses in Australia.
Payment Logic has developed a Robotic Process Automation (RPA) solution
that, when coupled with WEX virtual payments, enables the automation and
payment of the car registration renewal process for fleets of vehicles.
This solution takes a file of car registrations and, in an automated
fashion, inserts a virtual card payment and enters the registration
renewal without any manual input by the fleet owner, manager or
administrator.
The 2018 ACA Research Corporate Fleet Insights Report estimates that, in
Australia, there are 19,000 businesses operating fleets with 20 or more
vehicles, with a total of 2,162,000 vehicles. WEX Management estimates
that within a Fleet Leasing Company, the end-to-end car registration
renewal process can take up to 12 minutes each time, or more than
430,000 hours per year across the fleet segment noted.
Justin Cross, Director, Market Development APAC Corporate Payments for
WEX said, “The Accounts Payable (AP) process is usually managed
manually, an approach that is not only tedious but also prone to human
error. 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.”
Payment Logic CEO Sam Plowman said, “We are delighted to build this
solution with WEX for the Fleet Management market. The RPA will enable
Fleet Management Organisations to automate payments to their respective
State or Territory vehicle registration authorities, and will
significantly improve their car registration renewal process.”
About WEX
Powered by the belief that complex payment systems can be made
simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing
and business solutions across a wide spectrum of sectors, including
fleet, travel and healthcare. WEX operates in more than 10 countries and
in more than 20 currencies through more than 3,500 associates around the
world. WEX fleet cards offer 11.5 million vehicles exceptional payment
security and control; purchase volume in its travel and corporate
solutions grew to $30.3 billion in 2017; and the WEX Health financial
technology platform helps 300,000 employers and more than 25 million
consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
About Payment Logic
Payment Logic was created in 2013 to help businesses make payments more
effectively and profitably by adding value to existing payment
processes. Payment Logic’s cardholder initiated payments platform helps
businesses optimise cash-flow, maximise loyalty rewards and enable
businesses to negotiate early payment discounts for their business. This
new vehicle registration RPA solution is now Payment Logic’s second
service, offered in conjunction with WEX virtual payments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181009005916/en/
Source: WEX Inc.
WEX Contact:
Red Agency
Rekha Indiran, +65 6317 6715
rekha.indiran@redagency.asia
or
Payment
Logic Contact:
Payment Logic
Sam Plowman, +61 (0) 423 344
837
CEO
sam@paymentlogic.com.au