WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that WEX Australia has updated its existing agreement with Flight Centre Travel Group (FCTG), one of the world’s largest travel agency groups, to provide virtual credit card payments for its retail stores.
WEX’s single-use virtual card technology, which assigns every transaction with a unique card number, will allow FCTG retail stores to efficiently manage supplier payments with the use of enhanced data, and automatically reconcile transactions at the store level. WEX’s Virtual Credit Card (VCC) solution will also significantly reduce the risk of fraud and misuse of cards. FCTG, which operates the largest retail travel group in Australia, will use the WEX VCC solution at all of its 1,200 retail businesses throughout Australia.
“The decision to extend the WEX VCC solution to its retail stores represents FCTG’s recognition that our virtual credit card solution simplifies transactions and enhances payment security,” said WEX Australia Managing Director, Greg Drumm. “The benefits to FCTG are clear and the simplification of transaction reconciliations within stores will be a major efficiency.”
FCTG Treasurer, Richard Humphreys, also commented about the measurable benefits for the travel group: “The adoption of WEX’s VCC solution throughout our retail stores in Australia will remove administrative tasks for our consultants allowing them to spend more time with our customers, and enhance controls with comprehensive reporting tools.”