WEX adds new cross-border & payments automation partnerships

By Jeff Domansky

The global B2B payments market is projected to reach $63 billion by 2026, while the global accounts payable automation market is expected to reach $3.1 billion by 2024. No surprise that fintechs see big opportunities to meet the demand by businesses for faster, less expensive payment solutions.

Two recent partnership announcements from WEX show just how fast the payments industry is moving and innovating to meet these new demands and compete in a crowded marketplace.

TransferMate partners to enhance international payment capability

Last week, WEX announced a partnership that adds TransferMate’s extensive global payments network to improve the payment options for global companies, enabling international transfers at lower costs, higher speeds, and easier integration.

The result is a streamlined payment management and reconciliation platform for account teams with complete transparency and one login to make fast and secure payments. In addition, the new service helps businesses control spending and enhances tracking, insights, security, and automated reconciliation.

“We are excited to join forces with WEX to provide the most efficient payment process possible for global businesses,.” said Sinead Fitzmaurice, CEO of TransferMate. “We are committed to making international payments easier than ever before and a key way to accomplish that is through strategic partnerships with likeminded, cutting-edge companies in the industry, like WEX.”

“Through the WEX and TransferMate partnership, businesses will be able to make domestic, inter-regional, and cross-border payments by paying locally in their own currency, with funds settled locally in the beneficiary’s currency. As WEX continues to unify global AP to AR payments processes, we are thrilled to provide new flexibility and payment rail choice to our customers–helping them save both time and money as a result of simplifying the traditional transfer process,” said Jay Dearborn, President of Corporate Payments at WEX.

WEX clients can make card and non-card payments that bypass the SWIFT network, saving significant time and money on cross-border payments. WEX will roll out the new services across the globe in 2021.

The companies estimate a business making 200 international payments every month could save $108,000 per year based on average transaction fees of $45. In addition, the same company could increase efficiency and save 35 admin days annually.

TransferMate has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories supporting trade in 162 countries.

Payback on automating accounts payable

Today, expense management and accounts payable automation experts Emburse also announced a partnership with WEX.

By integrating WEX’s virtual card, check, and ACH services, Emburse Pay – B2B Payments helps businesses save time, loandwer costs, increase efficiency, and simplify AP management.

Finance teams can quickly and efficiently track and confirm receipt of payments, reducing potential delays and friction with vendors. In addition, reducing the need to print and mail physical checks by leveraging payment technology such as cards and ACH enables organizations to maintain better control of the payment process, timing, and spend management.

“Despite the massive push toward digital transformation during the pandemic, most organizations continue to pay vendors using physical checks. In addition to it being an incredibly inefficient and error-prone process, finance teams are missing out on huge cost-saving opportunities through early payment discounts and card rebates,” said Rajeev Subramanyam, general manager of Emburse Pay.

“Our Emburse Pay suite of solutions was designed to streamline what has traditionally been a time-consuming and inefficient process – manually reconciling corporate payments. In B2B Payments, we have taken what has traditionally been a very cumbersome process and integrated it into our AP solutions’ workflow,” he added.

Jay Dearborn, WEX president of corporate payments, said a recent WEX survey showed “42% of executives identified modernizing technology and platforms as their post-pandemic priority. Emburse understands the importance of investing in digitization as it aims to enhance seamless customer experiences across ACH, check, or virtual card payments.”

Emburse now serves more than 16,000 customers, from start-ups to global enterprises, including Boot Barn, Grant Thornton, Telefónica, Lufthansa Systems, and Toyota.

WEX delivers a range of payment services for fleet, corporate payments, travel, and healthcare companies. Its fleet cards provide payment security and control for more than 16 million vehicles. It processed more than $20.9 billion in over 20 currencies in 2020 for clients in the travel and corporate sectors. Its health division delivers consumer-directed healthcare technology and services, reaching an estimated 34.3 million US consumers.

It’s clear that similar partnerships and technology alliances are the future for a wide range of fintech companies looking to capitalize on new B2B and payment automation opportunities.