Nuvei has joined WEX in a strategic partnership aimed at providing the latter’s virtual card technology to its global merchant network.
As a result of this collaboration, travel merchants integrated into Nuvei’s network are set to benefit from more optimal cash flow, effective liquidity, minimised credit dependency, and scaled transparency across the pay-in and pay-out process.
Bringing faster supplier payments into the travel industry
With this integration, travel merchants and marketplaces, including online travel agencies (OTAs), airlines, and hospitality brands, will be able to manage several supplier relationships more efficiently via secure virtual card payments, which optimise supplier payments by automating issuance and delivering built-in controls. This provides merchants with a more secure and effective way to move funds.
Talking about the collaboration, Phil Fayer, Chair and CEO, Nuvei, said that the move further solidifies the company’s position as a payment infrastructure partner operating in the travel industry. By working together, the two companies plan to support travel businesses in optimising cash flow, decreasing costs, and improving their global supplier payment processes.
Adding to this, Jason Hancock, Managing Director of Global Travel at WEX, mentioned that, as virtual cards are becoming a tool for travel agencies managing complex supplier networks, combining WEX’s global card infrastructure and travel payment expertise with Nuvei’s global acquiring network will allow agencies and suppliers to move funds faster and more confidently. At the same time, the partnership will help boost efficacy and trust across the travel payments ecosystem.
Furthermore, teaming up with WEX comes on the heels of Nuvei’s partnership with FreedomPay. Announced at the beginning of the year, the initiative was set to offer enterprise merchants a unified payment solution for in-store and online commerce across global markets. Businesses were set to be able to deploy new channels and shopper experiences, maintain the same checkout process across markets and geographies, utilise unified reporting and tokenisation to scale operational visibility, access a network of certified partners, and safeguard transactions with PCI-validated encryption.
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