View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 27, 2022

WEX launches digital payment platform Flume for SMBs in US

WEX, a US-based commerce platform, has launched Flume, a digital payment platform for quick, transparent payments for small and medium businesses (SMBs).

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

Serving as a new digital wallet, Flume, which is a ‘brainchild’ of Wex’s incubator WEX Ventures, is aimed at supporting around 30 million businesses in the US that presently depend on slow, analog payment approaches.

Flume initially intends to bridge the digital divide for ‘overlooked’ trade-oriented businesses that have less than $15m in annual revenue.

WES president for corporate payments Jay Dearborn said: “As the old saying goes, time is money. And for a small business operating in a market that often caters to the needs of the large enterprises, time is in short supply. Flume seeks to level the playing field by offering mom-and-pop shops a personal CFO at their fingertips.

“Powered by an FDIC insured digital wallet, Flume will allow SMBs to focus on growing their business while enhancing productivity, saving money, and reducing costs.”

Flume’s digital payments platform removes the requirement for a manual account payable (AP) and accounts receivable (AR) processes.

Flume’s digital wallet will help in accelerated and real time payments by enabling businesses to send, store, and get funds through a mobile and web app.

WEX Flume general manager and co-founder Matt Roy said: “Most SMBs still rely on paper-based processes to power their businesses, which has served them well for decades. But looking ahead to the next 10 years, we’ve heard from many of our customers, particularly in the trades, that their current workflows can’t keep up amid skyrocketing demand.

 “Most tools on the market today are built for more modern, technology enabled companies leaving many of these physically-grounded businesses out of focus; that’s why we built Flume. Flume puts the power of customized, accessible software in their hands so they can stay focused on growth and not the paperwork.”

In the months to come, WEX intends to launch Flume in phases across the industry hubs.

During the first phase, the focus of this launch will be centred on current WEX fuel card users and new customers.

Later this summer, the company intends to launch new software add-ons that will expand Flume to builders and tradesmen to boost payment speed and transparency for customers.

Flume will be offered by WEX Payments after a tie-up with a commercial bank.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International