Corporate payment solutions provider WEX said that its European travel customers now have the ability to issue and settle payments in 11 currencies, up from three previously, through WEX Virtual Payments.
The expansion means that WEX Europe will issue virtual credit cards in the Australian dollar (AUD), Danish krone (DKK), New Zealand dollar (NZD), Norwegian krone (NOK), Polish zloty (PLN), South African rand (ZAR), Swedish krona (SEK), Swiss franc (CHF), euro (EUR), US dollar (USD) and British pound (GBP). In addition to companies headquartered in Europe, global companies with a European presence can also take advantage of the offering.
WEX said that through its subsidiary WEX Europe, it is strategically expanding its international footprint as a virtual payments specialist to provide credit, prepaid and debit solutions in all major currencies.
Based on WEX commissioned research, the European travel industry is currently worth approximately €345bn, which indicates travel businesses’ focus on making international payments.
“We’ve listened to our customers’ needs and business challenges, and implemented a solution that provides even more cost-effective ways to make international payments,” said Myles Stephenson, managing director of WEX Europe. “This update enables WEX Europe customers to pay their global suppliers in local currencies more efficiently.
“It also eliminates the risks of currency fluctuation, improves reconciliation in local currencies to ensure no variances, and makes any card network charges fully transparent.”
WEX added that the multicurrency strategy will include additional enhancements over the coming months.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
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