April 4, 2019 -- WEX (NYSE: WEX), a leading financial technology service provider, announced today that it has partnered with Sydney-based supply chain technology provider and financier Octet.

Octet is a supply chain management and financing platform that enables Australian small- and medium-sized businesses to manage and pay local and international suppliers. The platform uses enterprise-grade tools to enable its customers to track, validate and authorise each step of the supply chain. This provides Octet’s customers with full visibility of all supporting documentation and the ability to facilitate payments through multiple methods.

Through the partnership, Octet’s customers will benefit from WEX’s virtual credit cards to pay their suppliers. The full benefits of using WEX’s payments solutions for Octet’s customers include:

• Improved cash flows

• No currency conversion fee for cross-border transactions

• Ability to pay any domestic and overseas suppliers in their preferred currency with a secure 16-digit virtual credit number

Justin Cross, Director of Business Development & Partnerships, EMEA & APAC for WEX Corporate Payments said, “At WEX, we’re continuously developing improved accounts payable solutions that create better products and services for customers. Octet is a leading innovator in the supply chain platform space and partnering with them demonstrates WEX’s growth strategy and intent to be at the forefront of commercial payments.”

 

Clive Isenberg, CEO of Octet said, “The partnership will arm local businesses with more power to trade locally and internationally. Octet and WEX will be looking to further facilitate seamless, efficient and secure supply chain payments.”

 

About WEX Inc.

Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider 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 4,800 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 $34.7 billion in 2018; 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.

 

About Octet

Octet was born out of a desire to help local businesses buy from global suppliers in highly regulated markets. Since 2008, it has helped connect businesses with their suppliers, and democratize supply chain financing tools for small and medium businesses. We have spread across the world to make the supply chain more efficient and secure for thousands of companies worldwide. For more information, visit www.octet.com.