Leading virtual payments provider Conferma has partnered with global commerce platform WEX to enable Concur Invoice customers to dramatically reduce costs and control their B2B payments spend.
This innovative integration, which will be available globally in all markets and currencies supported by WEX, will provide Concur® Invoice customers the functionality to pay suppliers using WEX issued virtual Mastercards powered by Conferma’s pioneering technology.
Jason Lalor, Chief Executive Officer at Conferma, said: “This powerful new integration combines Conferma’s market-leading technology, WEX virtual cards and Concur® Invoice’s capabilities to simplify the payment journey for businesses. By connecting companies through a sleek payments infrastructure, this transformative integration allows businesses to focus on what matters - growth.”
Integrating virtual cards into the invoice process allows payments to be made instantly, and by utilising the credit terms offered through WEX, commercial customers can better manage working capital and extend their days payable outstanding. Conferma’s virtual card platform leverages Concur® Invoice to accelerate the payments process and simplify how companies can connect and do business.
Through the new integration, when a business receives an invoice from a supplier, a WEX issued virtual Mastercard is generated for a specific amount within Concur® Invoice. The pre-authorised payment details are then securely provided to the supplier for processing. Finally, the virtual payment is automatically reconciled against the invoice, eliminating the need to manually track receipts and invoices. This unlocks faster and more secure payments.
Scott Duane, APAC General Manager at WEX, commented, “This dynamic partnership seamlessly integrates WEX's cutting-edge technology and virtual cards with Concur's forefront Expense Management, Travel and Invoice Software. This collaboration allows business leaders and financial teams to access sophisticated payments infrastructure while also avoiding cross-border payments fees, ensuring real-time currency conversion, improving cash flow, earning rebate revenue, and decreasing fraud. This innovative collaboration empowers businesses to prioritise growth by fostering seamless connectivity across enterprises.”
This new agreement with WEX, l broadens an existing partnership with Conferma for B2B non-travel payment flows and leverages Mastercard secure virtual card innovation.
Rebecca Meeker, senior vice president, B2B partnerships Mastercard, added: “We welcome this initiative from Conferma and WEX, which supports continued efforts from partners across the ecosystem to bring consumer-grade convenience to business-to-business payments. We look forward to working with all parties to accelerate the adoption of virtual cards, enable stronger integration, and deliver greater efficiencies for business transactions.”