TTE Preview: CorporatePay and WEX to showcase virtual travel payment programme

Pre-paid solutions provider CorporatePay will be joining US parent company WEX at next week’s Travel Technology Europe show in London.

Business payment processing firm WEX recently acquired CorporatePay to consolidate their respective strengths in the prepaid and credit payments markets, with a special focus on the travel industry.

The two companies will be showcasing their virtual travel payment programme which allows businesses to generate virtual MasterCard or Visa cards.

The ‘real time’ individual transaction provides the user with a secure payment method that is globally accepted.

The solution avoids wire transfer costs for international payments, and creates efficient payment flows and reconciliation, alleviating the burden on account management and administration.

The credit-based solution offers the additional benefit of accessing a line of credit if pre-depositing funds is not appropriate, according to CorporatePay.

Chief executive Myles Stephenson said: “The combination of pre-paid and credit payment solutions enhances our competitive position in key segments of the travel industry and increases the size of our addressable market in terms of customer and geography.

“It also provides cross-selling opportunities to our global network of travel customers, and we look forward to meeting clients, both existing and new, at the show.”

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