WEX Inc. (WEX), a principal provider of financial and information management solutions, declared that WEX Europe has inked a deal with Voxel Group, the leading supplier of electronic transactions systems to the hospitality and travel industries worldwide.
This deal is based on the integration of WEX’s virtual payments solution into the baVel electronic billing platform owned by Voxel which interacts directly with hotel property management systems.
A wide range of travel companies like tour operators, online travel agents and travel management companies utilize Wex’s exclusive and leading portfolio of Virtual Credit, Debit and Prepaid corporate payment solutions. baVel on the other end of the cycle commands a leading position in the provision of electronic invoices.
Hence, this combination will speed up the delivery and receipt of hotel invoices by automatically sending them at the relevant point in business-as-usual processes. The process will also help travel companies boost the profitability of hotel relationships since it allows automatic validation of invoices and payments that need to be processed in real time.
The combined service offering will also facilitate the travel and hospitality businesses to identify value-added tax, local tax and detailed service information thereby making invoice approvals more efficient. Further, the businesses will benefit from secure payments to global suppliers without charging additional fees. Lastly, the combined service will automate payment reconciliation which will have a direct impact on profitability.
WEX Europe together with Voxel will unveil its approach at the International Tourism Trade Fair – Fitur in Madrid scheduled to begin on Jan 28. Further, they will exhibit their offering at the Travel Technology Europe Show and the Business Travel Show in London due to begin on Feb 25.
WEX provides immediate benefits like increased profitability and better cash-flow management and reduction in the complexity of global supplier payments to travel companies. On the other hand, Voxel will be able to capitalize on the synergies and leverage the mutual consumer base by merging electronic billing and electronic payments into a one-of-a-kind closed loop solution that will turn baVel into a true eSettlement platform. This combination will result in the enhancement of baVel’s leading position in the travel and hospitality industry and strengthen WEX’s status as the leading payments provider globally.
Currently, WEX carries a Zacks Rank #4 (Sell).
Other Stocks to Consider
Better-ranked stocks in the business services sector include Green Dot Corporation (GDOT), WNS (Holdings) Ltd. (WNS) and Global Payments Inc. (GPN). While Green Dot and WNS (Holdings) sport a Zacks Rank #1 (Strong Buy), Global Payments holds a Zacks Rank #2 (Buy).
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