Today in B2B payments, Versapay discusses the value of PayFacs, and Square launches lending down under. Plus, Nuvocargo eyes U.S.-Mexico supply chain finance, WEX announces its latest takeover and Bolero collaborates on trade finance.
FinTech platform WEX has signed an agreement to acquire benefitexpress, a cloud-based benefits administrator, for $275 million, the FinTech announced Thursday (April 14). With benefitexpress, WEX will add a suite of benefits administration solutions for WEX Health clients. The health and employee benefits offerings include employee enrollment tools, Affordable Care Act compliance and dependent verification services.
International trade corridors are rife with inefficiencies. That’s especially true of U.S.-Mexico trade, where hundreds of billions of dollars of merchandise cross the border each year and supply chain finance is worth more than $125 billion. But faxes and phone calls are still hallmarks. Deepak Chhugani, founder and CEO of Nuvocargo, tells PYMNTS how digital platforms can solve pain points and improve transparency as goods (and funds) flow between the two countries.
Bolero International, which works in cloud-based trade finance digitization, has partnered with Virtusa Corporation in order to help with Bolero’s new white-label trade finance Portal-as-a-Service solution, Galileo TPaaS for Banks, a press release said on Wednesday (April 14). Virtusa works on providing digital strategy and IT services and solutions.
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