This is basically an announcement about a long-term deal extension between WEX and ExxonMobil, who have a lengthy relationship for fleet payment services. WEX is the leading provider of closed-loop fleet cards in North America and has been recently extending its international footprint as well. Mercator covered this space in a published research entitled U.S. Fleet Card Market: The Need for Competitive Differentiation, in which we estimated the 2014 market spend to be roughly $66 billion. WEX also provides other corporate payments products, including virtual credit cards targeted primarily to travel-related segments.
Under the agreement, WEX will continue to provide ExxonMobil and Imperial with a full-service solution and oversee all aspects of the commercial card program for the companies, including outsourced proprietary fleet card transaction processing and supplementary support services.
Overview by Steve Murphy, Director, Commercial and Enterprise Advisory Service at Mercator Advisory Group
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