WEX Inc. (NYSE: WEX) announced Tuesday that it has entered into an international agreement with Voxel Group, a global leading supplier of electronic billing and settlement services to the hospitality and travel industries.
The South Portland-based company said the long-term relationship established by the agreement is based on the integration of WEX’s virtual payments technology into the Voxel-owned baVel electronic settlement platform that communicates directly with hotel property management systems.
Both companies are utilized by a wide variety of travel companies, such as online travel agents, tour operators and travel management companies. The combination of the platforms will facilitate automatic validation of invoices and payments so that they can be processed in real-time, allowing travel companies to streamline their settlement procedures and hoteliers to get paid significantly faster.
“We are excited to be working with Voxel and integrating into the baVel solution globally,” said Renata Caine, vice president of virtual payments at WEX, said in a company statement announcing the agreement.
“This relationship will strengthen baVel’s leading position in the travel and hospitality industry and build on WEX’s stature as a global leader in payments.”
“The alliance with WEX represents a major breakthrough in our business model, as it will allow us to exploit synergies and leverage our respective customer bases by integrating electronic billing and electronic payments into a one-of-a-kind closed loop solution that will turn baVel into a true eSettlement platform,” Voxel Group CEO Xavier Ginesta said in a statement.
Voxel Group, based in Barcelona, Spain, is the world’s largest electronic billing operator in the hotel and tourism industry, according to the company’s website.
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