Wirecard Card Solutions, a subsidiary of Wirecard AG, has partnered with Payment Card Solutions (PCS), AFEX, and Global Processing Services (GPS) to deliver a full end-to-end payment programme for corporates. The PayFEX prepaid Mastercard programme, issued by Wirecard Card Solutions, provides an all-in-one payroll, expenditure and incentives solution that allows multiple cards to be managed from a single platform.
The flexible and convenient programme is expected to appeal to a wide range of companies across Europe, including those in the shipping, haulage, construction, travel management, business aviation, legal and oil and gas industries who will benefit from a combined solution for managing employee payments. Corporates can modify expenditure limits, add or withdraw funds and produce comprehensive reports with an easy-to-use online portal. Issued in three single currencies, EUR, USD and GBP, PayFEX is available as a physical or virtual card.
AFEX, one of the world's largest non-bank providers of global payment and risk management solutions launches the programme: "Workforces are changing rapidly as the result of technological advancements, a rising number of millennials entering the business world and the growing gig economy," said Jan Vlietstra, Chief Executive Officer for AFEX. "This is having a profound impact on the relationships between employers and employees as well as on traditional banking relationships. At AFEX we're committed to providing our clients with innovative and relevant products to manage their global payments. The PayFEX prepaid card gives businesses a real alternative to banking when it comes to managing their employee payments and gives employees and customers the greater flexibility they demand."
The simple, online portal, developed by Payment Card Solutions (PCS), a leading UK based prepaid Programme Manager, enables eligible card users to capture and upload receipts via their smartphone, with the ability to add accounting categories and segregate VAT: "We are delighted to be launching this product for AFEX by leveraging our existing technology stack and look forward to its successful rollout to AFEX's thousands of clients globally," said Paul Swinton, CEO of Payment Card Solutions.
Global Processing Service (GPS) is the leading emerging payments issuing processor and processing partner of choice for PCS. PCS utilises GPS's risk management platform, GPS Protect which is a system designed to identify and help prevent fraudulent payment card transactions. "GPS Protect gives clients the added benefit of real-time monitoring: the system is automated, checks every transaction for risky activity and then takes the necessary actions to prevent the fraud from happening; analysing each transaction significantly reduces the financial risk to the program managers and issuing banks alike," comments Suresh Vaghjiani, Managing Director at GPS.
"Once again we're delighted to be partnering with PCS and delivering this dynamic and innovative solution to AFEX, one of the leading global FX and payment organisations. The solution provides a convenient and cost efficient platform for businesses to manage their employee expenses domestically and overseas", said Tom Jennings, Managing Director at Wirecard Card Solutions.