WEX Inc. (WEX), a global corporate payment provider, announced that WEX Europe has signed a deal with Zibrant Limited to provide WEX Virtual Credit Solution to the latter.
Zibrant, with an operating history of 26 years, has been serving clients with international corporate venue finding, creative communications, event management, exhibition and event accommodation as well as hotel booking services. This year, the Zibrant Venues, Meetings Management and LIVE! brands will organize more than 25,000 events across over 50 countries.
WEX Virtual Credit Solution simplifies business payments by providing the option of automated global payments with reconciliation facility, which enables businesses to maintain various payment records. In order to facilitate easy payment, the company sets controls for payment authorizations. Moreover, deployment of a cost effective system, along with other facilities helps to improve the business’ supplier relations.
Implementation of the virtual credit solution provided by WEX will help Zibrant to reduce the complexity of paying its huge supplier base globally and improve client portfolio by offering best market rates and packages.
In order to provide the maximum value for clients, WEX Europe provides prepaid and credit card solutions including an expense and virtual payment products. WEX Europe mainly provides virtual credit solution services in the travel industry with a majority of its $13 billion virtual card spend in the travel and hospitality sector.
The latest agreement, along with the acquisition of Evolution1, Exxon Mobil Corp.’s (XOM) Esso card program and the agreement with Royal Dutch Shell plc (RDS.B) to process prepaid fleet transactions in Europe and Asia in the last reported quarter, will aid the expansion of WEX Europe’s client portfolio of Virtual Credit Payment Solution globally.
This Zacks Rank #2 (Buy) stock has also been witnessing upward estimate revisions in the past 30 days on solid second-quarter results, which included a positive surprise of 9.9%. For 2014, the Zacks Consensus Estimate moved north by 0.9% to $4.74 and for 2015, it increased by 0.7% to $5.56. The long-term growth is targeted at 13.5%.
Earlier this month, another payment processing solutions provider, Vantiv, Inc. (VNTV) entered into an agreement with Comerica Bank to provide payment-processing solutions for the latter’s Merchant Services customers.
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