WEX to acquire electronic payments network Noventis

Friday 26 October 2018 10:13 CET | News

US-based corporate payments solutions provider WEX has signed an agreement to acquire Noventis, an electronic payments network.

Noventis is a US-based company focused on optimising payment delivery for bills and invoices to commercial entities. WEX has a longstanding relationship with Noventis as a critical supplier of virtual cards that enable payment transactions through Noventis’ network. This acquisition will expand WEX’s reach as a corporate payments supplier and provide more channels to billing aggregators and financial institutions.

The combined offering will provide a path to additional payments functionality and flexibility to Noventis’ customers, including financial institutions, bill pay processors and accounts payable (AP) software providers. The transaction is expected to close in the first half of 2019 following customary regulatory approvals.

According to WEX officials, the purchase of Noventis is an important element in expanding WEX’s corporate payments business. This acquisition will complement WEX’s current offerings with new payment delivery capabilities that enhance AP payments and provide an improved delivery of electronic payments.

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Keywords: WEX, corporate payments solutions, B2B payments, e-invoicing, US, Noventis, electronic payments network, accounts payable automation, AP payments
Countries: World