Billtrust, the leader in B2B order-to-cash solutions, announced today that Portland, Maine-based WEX (NYSE:WEX), a leading financial technology service provider, has joined Billtrust's Business Payments Network (BPN), enabling their buyer customers to automate payment delivery to suppliers through the network. Since its launch in late 2018, nearly 800,000 transactions have been processed through BPN, saving suppliers an estimated 74,000 hours of manual work while offering $275+ billion in available supplier invoice value.
With $35 billion in global B2B processing volume, WEX's participation expands BPN's reach to suppliers wishing to receive touchless electronic payments while converting transactions to the buyer's preferred format.
"We're proud to have WEX as a part of our growing platform," said Nick Babinsky, Vice President & General Manager, Business Payments Network at Billtrust. "WEX is a market leader in B2B payments, and we're thrilled that they've chosen to incorporate BPN as a part of their strategy to deliver value to the corporate and financial institution clients they serve."
"Our organizations share the view that supplier experience is a vital component to customer satisfaction," said Dylan Jones, Sr. Director, Supplier Services at WEX. "We're pleased to partner with Billtrust to solve for the 'last mile' of automated settlement and reconciliation. This will enable frictionless payments to the suppliers of WEX customers."
About Billtrust's Business Payments Network (BPN)
Billtrust's Business Payments Network (BPN) is a first-to-market, supplier-driven platform which streamlines electronic payment delivery and enables financial institutions and corporate buyers to directly deliver digital payments to suppliers' acceptance platforms. BPN allows complex financial and payment data to seamlessly come together at scale while providing reconciliation to suppliers and buyers. Participating buyers and financial institutions can also facilitate payment automation with access to BPN's supplier directory, a transparent listing of supplier payment preferences.
About Billtrust
Billtrust accelerates cash flow by automating credit decisioning and monitoring, invoice delivery, payment capture, cash application, and collections. Billtrust customers improve operational efficiency across the credit-to-cash spectrum via a flexible and integrated cloud-based solution set. Finance executives and A/R specialists love and recommend Billtrust for the remarkable cost savings, ease-of-use, process efficiency, and improved customer satisfaction rates. For more information, visit Billtrust.com.
About WEX
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 approximately 4,900 associates around the world. WEX fleet cards offer approximately 14 million vehicles exceptional payment security and control; our travel and corporate solutions business processes over $35 billion of purchase volume annually; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
