Q. Is fraud control improving with the newest generation of fleet cards?
A. Fraud control is a partnership between industry and suppliers like WEX who want to make it easier to control all costs, including unauthorized ones...
A. Established in 1983, we are an industry leader known for developing technology that pioneered the closed-loop, proprietary fuel card network.
Many of our competitors offer open-loop products, such as a traditional purchasing card -- like a MasterCard, a VISA -- where the bank may not own the entire chain. So you might have an issuing bank, someone else doing the processing for you, another institution doing the billing. Whereas -- in the WEX world, on the fuel card side -- it’s a closed-loop network, which means it’s a proprietary network. We release specifications to the merchants that accept our card. That means we control the data. We are the issuer, the processor, we do the billing, we issue the credit, etc. We own the entire chain.
What that allows us to do is to control what data we capture, and what to do with it. It allows us to have a more secure network, because we’re not passing data to anybody else waiting for it to come back.
So that’s what fleets really have come to appreciate over the years.
One of our other lines of business is our Virtual business. We started that back in 2000. Very different from our competitors -- who are owned by a bank, or who use a bank. We own a bank. So we issue, through our bank, a MasterCard. Most of the issuance is done by our Virtual business. And we would routinely look at that and say: “Is that an opportunity for us to look at the fleet business and maybe migrate there?” Our customers and partners, still to this day, will tell us that the value in that closed-loop network is worth keeping.
Senior Vice President and General Manager
A. Fraud control is a partnership between industry and suppliers like WEX who want to make it easier to control all costs, including unauthorized ones...
A. Right now, they can’t. That’s why you don’t see this application in the market – and probably won’t for a while. Within a decade you might see some sort of real-world application, but it’s still early...
A. Demand for EV charging is definitely growing. EV sales in the U.S. increased 21 percent from 2016 to 2017, with 26 consecutive months of year-over-year increases...
A. Many are. Because of the vast increase in computing power, we now carry in our pockets the ability to do almost everything our old desktop computers did, with fewer exceptions every day...
A. Fleets are primed for technological change for sure, but it’s right to ask: When the future fleet arrives, will it be an improvement?...
A. The biggest challenges -- the ones that are holding back market innovations -- are technical...
A. Sanity. While the road to future fleet will be paved with partnerships, it will be dominated by data. Lots of it...
A. The single biggest mistake we see is to view parts of your fleet operation independent of each other...
A. Saving money at the pump can simply mean changing a few habits before you get behind the wheel. For example, fixing a vehicle that’s in need of...
A. Alternative-fuel and electric vehicles have been the talk for a few years now. As technology continues to advance, we’re seeing more trusted auto brands producing fuel alternative options. Audi, Porsche, Cummins and even Harley Davidson have all entered the alternative fuel market. Some OEMs and consumers are...
A. The in-vehicle technology now available has ushered in a paradigm shift in the way we view cars — no longer just as a means of transportation or as an asset, but as an information platform. You still need to...
A. Applications such as DriverDash, the evolution of fleet fuel cards that came out last summer, create controls that can reduce fraud incidences and other problems that can occur as a result of fuel transactions. Companies that use WEX fuel cards are also helping to prevent...
A. Exchanging data across national lines can be difficult because some countries have laws that prohibit this, for various reasons. But there are plenty of ways to share aggregated data. Our ClearView technology offers...
A. If someone told you 10 years ago you would be able to pay for things with your phone, or your dashboard, you wouldn’t have believed it. Fast-forward to 2019, and the technology...
A. In 2016, WEX acquired Electronic Funds Source LLC (EFS), a provider of customized corporate payment solutions for fleet and corporate customers with a focus on the large and midsized over-the-road (OTR) segments. As EFS became a part of the WEX family, it’s helped diversify WEX’s payments offerings, adding...
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