WEX partners with Australian supply chain finance solutions provider Octet

WEX (NYSE: WEX), a leading financial technology service provider, announced today that it has partnered with Sydney-based supply chain technology provider and financier Octet.

Octet is a supply chain management and financing platform that enables Australian small- and medium-sized businesses to manage and pay local and international suppliers. The platform uses enterprise-grade tools to enable its customers to track, validate and authorise each step of the supply chain. This provides Octet’s customers with full visibility of all supporting documentation and the ability to facilitate payments through multiple methods.

Through the partnership, Octet’s customers will benefit from WEX’s virtual credit cards to pay their suppliers. The full benefits of using WEX’s payments solutions for Octet’s customers include:

• Improved cash flows
• No currency conversion fee for cross-border transactions
• Ability to pay any domestic and overseas suppliers in their preferred currency with a secure 16-digit virtual credit number

Justin Cross, Director of Business Development & Partnerships, EMEA & APAC for WEX Corporate Payments said, “At WEX, we’re continuously developing improved accounts payable solutions that create better products and services for customers. Octet is a leading innovator in the supply chain platform space and partnering with them demonstrates WEX’s growth strategy and intent to be at the forefront of commercial payments.”

Clive Isenberg, CEO of Octet said, “The partnership will arm local businesses with more power to trade locally and internationally. Octet and WEX will be looking to further facilitate seamless, efficient and secure supply chain payments.”