Melbourne and Sydney Australia, 11 September 2018 —WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced a partnership with Sydney-based Troovo Technologies, which will see both companies collaborating to unlock travel and B2B spend using Troovo Payments and WEX virtual cards in the Asia Pacific region.
As the total payments spend in the APAC travel industry is expected to grow by around 6.7 per cent per annum over the next three years, the initial phase of the partnership will be focused on empowering travel businesses in APAC to realise the full benefits of virtual payments.
Troovo has developed intelligent Robotic Process Automation (RPA) solutions that enable industries such as travel, payment, and procurement to fully automate their workflows and processes. As these businesses typically transact across borders and process high volumes of data, RPA solutions are optimal to improve operational efficiencies, boost capabilities, and reduce processing costs.
Through this partnership, Troovo will provide WEX customers the ability to streamline virtual payments with no development effort, costs or changes to existing workflows.
Justin Cross, Director, Market Development APAC Corporate Payments for WEX said: “At WEX we believe in creating new possibilities at the intersection of payments, data, and technology. Our partnership with Troovo is the perfect marriage of these three elements. Troovo is a leading innovator in the travel technology space and partnering with them is a step forward in improving our service offering for our mutual and prospective customers.”
Troovo CEO, Kurt Knackstedt said: “The partnership will help travel agencies and corporate purchasing departments utilise Troovo’s fully robotic virtual payments module along with WEX virtual cards to help eliminate manual intervention in payments and streamline the entire purchase-to-pay workflow. Troovo’s world-first, patent-pending robotic engine gives WEX customers quick wins using virtual payments to streamline the hassle of paying suppliers”.
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Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,300 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $30.3 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
Troovo makes travel and payment transaction processing entirely virtual with Robotic Process Automation (RPA). The RPA software that Troovo provides replicates the time-consuming work a person would normally have to do, taking away the laborious task of data entry and grunt work of processing travel and payment transactions. Troovo’s core customer base are high volume transactional operations which see the benefit of using sophisticated yet easy-to-deploy robotic solutions. These include travel agencies, travel management companies, online travel agencies, airlines and corporate procurement and purchasing. Troovo is a completely cloud-based, SaaS platform, and is an Australian company with offices in Sydney and Melbourne.