WEX Inc. Partners with Alegeus Technologies to Deliver New Virtual Card Solution for Settlement of Claim Payments
New solution leverages WEX Health technology to settle post-adjudication claim payments between payers and providers electronically, driving savings and efficiency
SOUTH PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced it has partnered with Alegeus Technologies, the market leader in healthcare and benefit payments, to introduce a virtual card solution for the post-adjudication claims market. An alternative to automated clearing house (ACH) payments, the new solution offers an additional electronic settlement method for payers and providers - using WEX Health electronic technology to settle claim payments more efficiently and eliminate costly check payments.
Jim Pratt, general manager of global virtual payments at WEX said, We are delighted to join efforts with Alegeus Technologies and continue our strategic expansion into the healthcare payments sector. Through WEXs pioneering technology and our experience in healthcare payments, Alegeus and its payer clients will be able to achieve the same benefits of our customers in the health, insurance, travel and education markets.
Payers have long been eager to realize the benefits of electronic payments. However, driving provider enrollment in ACH programs can be a substantial, costly and time-consuming undertaking and industry-wide adoption rates have been low. Unlike ACH, virtual card payments do not require additional information or consent from providers to implement if they are a MasterCard accepting merchant. A provider can be set up to receive virtual card payments from participating payers automatically, giving payers the option of transitioning a large percentage of provider payments from paper checks to virtual card payments and allowing them to realize significant cost savings and efficiency gains.
Alegeus is already a leading provider of post-adjudication claim payment and communication services enabling payers to settle claim payments via print/mail and ACH methods, said Tom Torre, Alegeus CEO. We are very excited to partner with WEX to offer virtual card payments as another electronic payment method, providing our payer clients with the broadest set of settlement options available.
The WEX Health product provides businesses with the ability to:
- Simplify invoice and payment reconciliation with enhanced remittance data
- Earn revenue share on payments processed
- Manage payments anytime and anywhere through a tablet or Smartphone browser
- Add business rules and approve workflows to maximize control over security policies
- Reduce fraud risk and disputes
- Provide global acceptance
- Eliminate the cost of paper checks
For more information about WEX Health, please visit: www.wexinc.com/wex-health.
For more information about the Alegeus virtual card solution, please visit: http://www.alegeus.com/solutions/virtual-card-payments.
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 more than 7.6 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Companys operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,300 associates. For more information about WEX, please visit www.wexinc.com.
About Alegeus Technologies
Alegeus Technologies is the market leader in healthcare and benefit payments offering the industrys most comprehensive platform for the administration of tax-advantaged benefit accounts (FSAs, HSAs, HRAs, MERPs, VEBAs, DCAPs and transit accounts), the industrys most widely-used benefit debit card, and leading services for the outsourced management of claim payments and associated data exchange. Over 500 clients including health insurance plans, third party administrators and financial institutions leverage Alegeus deep expertise and proven technology to administer benefit accounts for more than 17.5 million members and process more than $18 billion in healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Carrollton, TX, Orlando, FL and Milwaukee, WI. To learn more about Alegeus, please visit www.alegeus.com.
Jessica Roy, 207-523-6763
Alegeus Technologies, LLC
Jennifer Irwin, 414-699-5927
Nikki Festa, 617-502-4300
Source: WEX Inc.Copyright Business Wire 2013