WEX Europe, a subsidiary of corporate payment solutions provider WEX, has added eight new currencies to its payment system WEX Virtual Payments.
The expansion will allow European travel customers to issue and settle payments in 11 currencies, up from three currencies.
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As part of the move, WEX Europe will launch virtual credit cards in the Australian dollar, Danish krone, New Zealand dollar, Norwegian krone, Polish zloty, South African rand, Swedish krona, Swiss franc in addition to the pound, euro and US dollar.
WEX Europe managing director Myles Stephenson said, "We’ve listened to our customers’ needs and business challenges, and implemented a solution that provides even more cost-effective ways to make international payments. This update enables WEX Europe customers to pay their global suppliers in local currencies more efficiently.
"It also eliminates the risks of currency fluctuation, improves reconciliation in local currencies to ensure no variances, and makes any card network charges fully transparent."
According to a WEX commissioned research, the European travel industry is now worth approximately EUR345bn, which indicates travel businesses’ focus on making international payments.
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By GlobalDataWEX Virtual Payments are now accepted in more than 200 countries and territories.
