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WEX Bank Strikes Deal With NASPO ValuePoint For Fleet Card Program

WEX Bank has inked a multi-year deal with NASPO ValuePoint, the purchasing division of the National Association of State Procurement Officials (NASPO), for its fleet card offering. NASPO is a nonprofit group focused on “advancing public procurement,” while WEX Bank is a wholly-owned subsidiary of WEX, according to a Monday (Feb. 8) announcement.

“WEX has extensive experience serving the federal, state and local public fleet marketplace, and we are looking forward to bringing that expertise to NASPO members,” Bernie Kavanagh, senior vice president and general manager of large fleet at WEX, said in the announcement.

The deal provides participating state and local governments throughout the nation with the complete collection of WEX Universal Fleet Card tools and features, such as complex fraud prevention offerings and wide merchant acceptance, according to the announcement.

Every participating state will be able to take part in the contract, as NASPO is the biggest procurement cooperative in the country. The deal will decrease the number of purchase orders required to obtain permission for fuel buying and will enable states to centralize fuel payment choices.

Ted Fosket, cooperative contract coordinator at NASPO ValuePoint, said the WEX universal card — which has complex anti-fraud tools, acceptance at more than 95 percent of fuel stations and in-depth insights — provides local and state governments with additional avenues to save on their fuel programs. “We’re proud to be able to leverage the government experience WEX brings and use it to extend more savings for our members and other public sector entities,” Fosket said in the announcement.

The deal with NASPO comes as WEX is collaborating with online business management technology firm MYOB. The relationship provides WEX customers with access to MYOB’s business payment technology in order to pay suppliers via WEX credit cards. MYOB provides accounting and business technology to firms in Australia and New Zealand.



About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.

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