Wex Inc. WEX recently teamed up with Argo Solutions to introduce a personalized virtual payment solution, WEX VCN (Virtual Card Number). The new payment solution will strengthen its presence in Brazil as well as help it to gain greater market share in the region.
Argo Solutions, a principal provider of corporate travel and expense management, helps its clients with straightforward booking, travel management and expense reporting in Brazil and Mexico. Hence, the partnership between Wex and Argo Solutions will enable such clients to gain better cash flow management and operational agility through payment automation and travel expense reconciliation.
The WEX VCN solution has been widely accepted in other regions and has been gaining popularity in Brazil in recent times. Therefore, the partnership with Argo Solutions will help Wex to expand its virtual card adoption on the online booking tool. The latest payment technology will offer maximum security and payment traceability to clients through a unique VCN generation for each online travel reservation. Given that each VCN will be unique and transaction-specific, the technology will be able to prevent fraud and make the online booking process more effective for clients.
Latin America is fast becoming one of the most promising regions in travel payments and VCN is yet to tap the opportunities offered by this market. Thus, the introduction of this payment solution will allow Wex to support the local businesses and capitalize on the growth opportunities. Also, the WEX VCN solution will help Wex solidify its presence in Latin America and also boost its corporate payment solutions.
The sophisticated, strong and intuitive payment solution, superior service and knowledge highlight Wex’s commitment to Argo Solutions, which is a leading provider of in business-to-business solutions.
Currently Wex carries a Zacks Rank #3 (Hold).
WEX INC Price
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