PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE:WEX), an industry-leading global provider of corporate payments solutions, today announced a new partnership with JCB, Japan's premier and only international payment brand, to expand WEX virtual payments technology into Japan. The agreement makes WEX JCB’s first issuer of virtual cards and enables new functionality on the JCB network. The program is expected to launch in the second half of 2019.
“The JCB collaboration represents WEX’s commitment to expanding our presence in the Asia market, and entering Japan is an exciting step for us,” said Jay Dearborn, president of WEX Corporate Payments. “It is a continuation of WEX’s long-term strategy and goal to be the only technology partner in virtual payments that offers multiple payment schemes to businesses.”
The JCB International agreement is the latest in important alliances that WEX has recently made. WEX’s global presence and proven commitment to innovation in payments solutions make it an optimal partner for established networks that stake their reputation on trust and technology.
“We’re thrilled to be working with WEX in Japan,” said Ryuji Shinzawa, President and C.O.O. at JCBUSA. “The innovative technology of the WEX platform plus JCB’s merchant acceptance reach in Japan and throughout Asia make this an ideal partnership.”
The Asian payments market shows considerable opportunity with data points from WEX’s latest Payments Pulse survey pointing to rapid adoption of e-payables solutions. Around half of the surveyed businesses in Asia/Oceania (43 percent) have already implemented an electronic payables initiative, and more than a third (42 percent) have one underway. The majority (85 percent) of those who say they have a payables initiative underway are working to launch it in the next six to 12 months. And almost all of the surveyed businesses in Asia/Oceania (94 percent) that have implemented a payments initiative or plan to do so, consider vendors outside of current banks or financial institutions a viable option.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” “guidance” and other similar expressions, whether in the negative or affirmative, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management’s beliefs and assumptions. There can be no assurance that: the benefits of the proposed commercial relationship will be successful in maximizing the Company’s operational to expand into Japan; the timing of such expansion; or, any expectations for market size will be proven correct. The Company cannot guarantee that it actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in such forward-looking statements. Such risks and uncertainties include or relate to, among other things: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; 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; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's failure to successfully operate and expand ExxonMobil's European and Asian commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; 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 third-party service providers and any resulting negative impact on the Company’s 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 impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if the Company’s assessment of the fair value of certain reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Company’s Annual Report for the year ended December 31, 2017, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2018.
The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
About WEX
Powered by the belief that complex payment systems
can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of
payment processing and business solutions 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 more than 3,500
associates around the world. WEX fleet cards offer 11.5 million vehicles
exceptional payment security and control; purchase volume in its travel
and corporate solutions grew to $30.3 billion in 2017; and the WEX
Health financial technology platform helps 300,000 employers and more
than 25 million consumers better manage healthcare expenses. For more
information, visit www.wexinc.com.
About JCB
JCB is a major global payment brand and a leading
payment card issuer and acquirer in Japan. JCB launched its card
business in Japan in 1961 and began expanding worldwide in 1981. As part
of its international growth strategy, JCB has formed alliances with
hundreds of leading banks and financial institutions globally to
increase merchant coverage and card member base. As a comprehensive
payment solution provider, JCB commits to provide responsive and
high-quality service and products to all customers worldwide. Currently,
JCB cards are accepted globally and issued in 24 countries and
territories.
For more information, please visit: https://www.global.jcb/en/
or http://www.ru.jcb/ru/
Note:
Statistics about JCB are as of June 2018.
