WEX Inc. said Wednesday that it has partnered with an electronic billing services company called Voxel Group to provide “virtual payment solutions” to the hospitality industry.
WEX, a publicly traded provider of corporate payment systems based in South Portland, described the partnership in a news release as “a major breakthrough in our business model.”
Based in Barcelona, Spain, Voxel operates a service called baVel that communicates directly with hotel property management systems to provide virtual, paperless invoices to clients such as online travel agents, tour operators and travel management firms.
Combining the technologies owned by WEX and Voxel enables automatic validation of invoices and payments to be processed in real time, allowing travel companies to streamline their settlement procedures, and hoteliers to get paid significantly faster, WEX said.
WEX started out by offering electronic payment systems to vehicle fleet operators but has since branched out into the hospitality and healthcare industries.
In midday trading Wednesday, WEX’s stock price was down slightly to $82.01.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.