SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Today, WEX Inc., a leading global provider of corporate payment solutions, announced that it is eligible to support U.S. government card and payment services through its partnership with Citibank, N.A., which was awarded one of two contracts for GSA SmartPay® 3.
Citi has selected WEX to offer their fleet card solution to provide a range of services and offerings to a number of government agencies. The new program runs through 2031 and Citi and WEX will remain among an exclusive group of providers of card and payment services to government agencies and organizations.
“Federal agencies deploy some of the largest fleets in the U.S. today, and we are proud of the opportunity to compete for continued work with these agencies to optimize their operations,” said Bernie Kavanagh, senior vice president and general manager of North America large fleet and strategic relationships at WEX. “Through our relationship with Citi, we’re looking forward to ensuring these agencies continue to have access to innovative card solutions that help them manage the daily operations of their fleets for years to come.”
WEX has successfully deployed more than 300,000 fleet cards to help six federal agencies manage their fleet programs more efficiently. Beyond the federal level, WEX holds contracts with more than 25 states and agencies at all levels of government.
“Each of those 300,000 cards represents a successful partnership with the federal government,” Kavanagh said. “We are pleased to be recognized as one of only a few companies with the expertise, scale, technology and relationships to support these large customers, and we are proud to continue a collaboration that has delivered value, innovation and cost savings to government agencies.”
This marks the second time Citi and WEX have partnered on a GSA SmartPay contract.
“We are pleased to continue our partnership with WEX in the GSA SmartPay 3 program,” said Gonca Latif-Schmitt, Global Head of Commercial Cards at Citi. “Together, we are able to combine our expertise in Fleet and Commercial Cards to offer the federal government with an industry best-in-class product suite.”
GSA SmartPay 3 is expected to facilitate a potential $700 billion in charge card and related payment transactions over the life of the contract. The program is expected to be used by approximately 560 customer agencies and organizations.
For more information on WEX, please visit: www.wexinc.com.
Forward Looking Statement Disclaimer
This news release
contains forward-looking statements, including statements regarding: the
Company’s intention finalize its agreement with Citibank, N.A. for the
new GSA SmartPay 3; and, expectations about the amount of potential
charge card and related payment transactions and number of customer
agencies and organizations. Any statements that are not statements of
historical facts may be deemed to be forward-looking statements. When
used in this news release, the words "may," "could," "anticipate,"
"plan," "continue," "project," "intend," "estimate," "believe," "expect"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain such
words. These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ materially,
including: the effects of general economic conditions on fueling
patterns as well as payment and transaction processing activity; changes
in interest rates; the impact of fluctuations in fuel prices; the
effects of the Company’s business expansion and acquisition efforts;
competitive responses to any acquisitions; uncertainty of the expected
financial performance of the combined operations following completion of
an acquisition; the ability to successfully integrate the Company's
acquisitions, including Electronic Funds Source LLC's operations and
employees; the impact and size of credit losses; the impact of changes
to the Company's credit standards; breaches of the Company’s technology
systems or those of our third-party service providers and any resulting
negative impact on our reputation, liabilities or relationships with
customers or merchants; the Company’s failure to maintain or renew key
agreements; failure to expand the Company’s technological capabilities
and service offerings as rapidly as the Company’s competitors; failure
to successfully implement the Company’s information technology
strategies and capabilities in connection with its technology
outsourcing and insourcing arrangements and any resulting cost
associated with that failure; the actions of regulatory bodies,
including banking and securities regulators, or possible changes in
banking or financial regulations impacting the Company’s industrial
bank, the Company as the corporate parent or other subsidiaries or
affiliates; the uncertainties of litigation; as well as other risks and
uncertainties identified in Item 1A of our Annual Report for the year
ended December 31, 2016, filed on Form 10-K with the Securities and
Exchange Commission on March 6, 2017 and our Quarterly Report on Form
10-Q for the three months ended March 31, 2017 filed with the Securities
and Exchange Commission on May 8, 2017. The Company's forward-looking
statements do not reflect the potential future impact of any alliance,
merger, acquisition, disposition or stock repurchases. The Company
disclaims any obligation to update any forward-looking statements as a
result of new information, future events or otherwise.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of
corporate payment solutions. From its roots in fleet card payments
beginning in 1983, WEX has expanded the scope of its business into a
multi-channel provider of corporate payment solutions representing
approximately 10 million vehicles and offering exceptional payment
security and control across a wide spectrum of business sectors. WEX
serves a global set of customers and partners through its operations
around the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway and
Singapore. WEX and its subsidiaries employ more than 2,700 associates.
The company has been publicly traded since 2005, and is listed on the
New York Stock Exchange under the ticker symbol “WEX.” For more
information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
