Latest news with #WEX
Globe and Mail
5 days ago
- Business
- Globe and Mail
J.P. Morgan Remains a Hold on WEX (WEX)
J.P. Morgan analyst Tien Tsin Huang maintained a Hold rating on WEX today and set a price target of $195.00. The company's shares opened today at $173.67. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Tsin Huang covers the Technology sector, focusing on stocks such as Cognizant, Accenture, and Block. According to TipRanks, Tsin Huang has an average return of 6.6% and a 58.85% success rate on recommended stocks. In addition to J.P. Morgan, WEX also received a Hold from Morgan Stanley's James Faucette in a report issued today. However, on the same day, TR | OpenAI – 4o reiterated a Buy rating on WEX (NYSE: WEX). The company has a one-year high of $217.47 and a one-year low of $110.45. Currently, WEX has an average volume of 519.1K. Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is neutral on the stock. Last month, Jennifer Kimball, the CAO of WEX sold 1,400.00 shares for a total of $183,512.00.
Globe and Mail
24-07-2025
- Business
- Globe and Mail
WEX® and bp Partner on earnify™fleet Fuel Card Program
WEX ® (NYSE: WEX), the global commerce platform that simplifies the business of running a business, announced a new partnership with energy leader bp to provide fleet drivers access to fuel savings through the earnify ™ fleet fuel card program in the U.S. Moving forward, earnify ™ fleet cards can be used for fuel and vehicle-related purchases at merchants that accept WEX and Mastercard ® with on-going fuel rebates available at over 8,000 stations across the bp family of brands. Designed for small businesses and large fleets, this partnership will expand the program's valuable fuel rebates to bp, Amoco, TravelCenters of America, TA Express, and Petro stations across the country. This press release features multimedia. View the full release here: 'With the earnify ™ fleet card, we're combining WEX's leading payments technology with bp's robust fueling network to give fleets a smarter, more efficient way to manage operations,' said Brian Fournier, Americas SVP & GM, Mobility at WEX. 'From real-time controls to detailed data insights and fraud protection, this program demonstrates how WEX technology is driving the next generation of fleet payment innovation.' Drivers can use their earnify ™ fleet card to pay for parts and service, tolls, car washes, parking, and roadside assistance. With all of these options available on one card, this simplified solution can also be utilized for integrated reporting and invoicing. Business owners and fleet operators can set purchase controls on employee spending based on product type, dollar amount, time of day, and more. The cards come with EMV chip technology, giving businesses extra protection from fraud. earnify ™ fleet drivers can sign up for the earnify ™ rewards program and earn personal loyalty points when they fuel for work at participating locations. This added benefit is designed to enhance earnify ™ fleet driver satisfaction and encourage in-network fueling, benefiting both drivers and fleet managers. 'We're excited to expand our long-standing relationship with WEX as we launch the earnify ™ fleet card,' said Debi Boffa, CEO of TravelCenters of Americas and bp VP of Fleet Mobility. 'By creating a new card program that brings together all of our fuel brands — bp, Amoco, TA, Petro, and TA Express — we're making it easier than ever for fleet customers of all sizes to fuel, save, and stay loyal across our entire network.' The combined power of WEX and Mastercard satisfies customer needs for more comprehensive coverage and greater purchasing power by offering expanded Mastercard acceptance for a range of vehicle-related expenses, all through one-card convenience. 'We're delighted to collaborate with WEX and bp to launch this next-generation fleet card offer,' said Mark Aquilina, SVP, Corporate Solutions and B2B Transportation at Mastercard. 'Mastercard's purchasing capabilities, security, and added convenience will help deliver even more value for commercial customers and we look forward to the impact this program will have on fleets across the country.' About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements including, but not limited to, statements regarding the expected benefits resulting from the Company's new partnership with bp relating to the earnify ™ fleet fuel card program in the U.S. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'project,' 'will,' 'positions,' 'confidence,' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and its customers to realize the expected benefits Company's new partnership with bp relating to the earnify ™ fleet fuel card program in the U.S. and the Company's ability to successfully convert the existing BP portfolio to the WEX platform; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.
Business Wire
24-07-2025
- Business
- Business Wire
WEX ® and bp Partner on earnify ™ fleet Fuel Card Program
PORTLAND, Maine--(BUSINESS WIRE)-- WEX ® (NYSE: WEX), the global commerce platform that simplifies the business of running a business, announced a new partnership with energy leader bp to provide fleet drivers access to fuel savings through the earnify ™ fleet fuel card program in the U.S. Moving forward, earnify ™ fleet cards can be used for fuel and vehicle-related purchases at merchants that accept WEX and Mastercard ® with on-going fuel rebates available at over 8,000 stations across the bp family of brands. Designed for small businesses and large fleets, this partnership will expand the program's valuable fuel rebates to bp, Amoco, TravelCenters of America, TA Express, and Petro stations across the country. 'With the earnify™fleet card, we're combining WEX's leading payments technology with bp's robust fueling network to give fleets a smarter, more efficient way to manage operations,' said Brian Fournier, Americas SVP & GM, Mobility at WEX. 'With the earnify ™ fleet card, we're combining WEX's leading payments technology with bp's robust fueling network to give fleets a smarter, more efficient way to manage operations,' said Brian Fournier, Americas SVP & GM, Mobility at WEX. 'From real-time controls to detailed data insights and fraud protection, this program demonstrates how WEX technology is driving the next generation of fleet payment innovation.' Drivers can use their earnify ™ fleet card to pay for parts and service, tolls, car washes, parking, and roadside assistance. With all of these options available on one card, this simplified solution can also be utilized for integrated reporting and invoicing. Business owners and fleet operators can set purchase controls on employee spending based on product type, dollar amount, time of day, and more. The cards come with EMV chip technology, giving businesses extra protection from fraud. earnify ™ fleet drivers can sign up for the earnify ™ rewards program and earn personal loyalty points when they fuel for work at participating locations. This added benefit is designed to enhance earnify ™ fleet driver satisfaction and encourage in-network fueling, benefiting both drivers and fleet managers. 'We're excited to expand our long-standing relationship with WEX as we launch the earnify ™ fleet card,' said Debi Boffa, CEO of TravelCenters of Americas and bp VP of Fleet Mobility. 'By creating a new card program that brings together all of our fuel brands — bp, Amoco, TA, Petro, and TA Express — we're making it easier than ever for fleet customers of all sizes to fuel, save, and stay loyal across our entire network.' The combined power of WEX and Mastercard satisfies customer needs for more comprehensive coverage and greater purchasing power by offering expanded Mastercard acceptance for a range of vehicle-related expenses, all through one-card convenience. 'We're delighted to collaborate with WEX and bp to launch this next-generation fleet card offer,' said Mark Aquilina, SVP, Corporate Solutions and B2B Transportation at Mastercard. 'Mastercard's purchasing capabilities, security, and added convenience will help deliver even more value for commercial customers and we look forward to the impact this program will have on fleets across the country.' About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements including, but not limited to, statements regarding the expected benefits resulting from the Company's new partnership with bp relating to the earnify ™ fleet fuel card program in the U.S. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'project,' 'will,' 'positions,' 'confidence,' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and its customers to realize the expected benefits Company's new partnership with bp relating to the earnify ™ fleet fuel card program in the U.S. and the Company's ability to successfully convert the existing BP portfolio to the WEX platform; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.
Yahoo
21-07-2025
- Business
- Yahoo
WEX Introduces AI-Powered Claims Tool to Simplify FSA Reimbursements
New technology improves speed and efficiency of the claims reimbursement process, giving time back to both consumers and HR teams PORTLAND, Maine, July 21, 2025--(BUSINESS WIRE)--Today, WEX (NYSE: WEX) announced the launch of a new intelligent claims tool that helps people get reimbursed from their flexible spending accounts (FSAs) faster and more easily. For HR teams looking to make the FSA reimbursement process easier for their employees, this new AI-powered tool will take the guesswork out of submitting a claim by making sure documentation is complete, accurate, and easy to verify, right at the time of submission. Boasting more than 97% precision in determining the correct reimbursement amount for valid claims during the claims process, this tool will help cut down on busywork by automating key steps like checking receipts, pre-filling claim forms, and quickly approving eligible claims for reimbursement. This will reduce friction in the overall reimbursement process, helping to approve eligible claims in minutes, not days. "Today's health and benefits teams are doing more with less," said Jennifer Whitmire, senior vice president of product for health and benefits at WEX. "By building smarter tools that automate the most frustrating parts of the process, we're helping our partners offer a faster, more modern experience without adding extra burden to their teams." What this means in practice WEX's new AI-powered tool is making the claims experience faster, easier, and more reliable. By simplifying each step from verifying documents to processing reimbursements, WEX is helping people get their money back with less hassle and giving HR teams a smarter way to manage claims. These new capabilities include: Document verification that alerts consumers in real time if information is missing Smart form completion that pre-fills key fields to reduce manual errors Fast claim assessment that can approve eligible documents for claims reimbursement in minutes, not days This new claims tool tackles the most common reasons for denials, like missing documentation or ineligible expenses and gives users a more predictable, seamless experience from start to finish. Some of these additional benefits include: Faster payouts: Claims that used to take two business days can now process in under two minutes Greater accuracy: More than 97% precision in determining the correct reimbursement amount for valid claims during the claims process Less work for HR teams: Intelligent automation reduces busywork and manual review More confidence for employees: Real-time feedback helps ensure claims are complete and accurate the first time Built with security and scalability in mind This launch is part of WEX's broader investment in building smarter, more modern tools that scale with the needs of customers and partners. It's powered by a secure data infrastructure and guided by strong governance practices. It meets HIPAA standards and follows strict protocols to keep personal data protected. "We've made — and will continue to make — significant investments in data-driven and AI-powered innovation," added Whitmire. "We're building solutions the right way, focused on long-term value, not just speed. Our goal is to give people time back, reduce friction, and make the experience simpler at every step." According to the Bureau of Labor Statistics, 72% of state and local government workers and 47% of private-sector employees had access to FSAs in 2024. With usage growing year over year, WEX's new claims tool arrives at a critical time to support both employers and consumers ahead of open enrollment. WEX's AI-powered claims tool is available now for HR administrators, their brokers and consultants looking to enhance their FSA reimbursement process. To learn more about how WEX's AI-powered innovation in FSA claims reimbursement drives savings, boosts benefit engagement, and helps reduce administrative burden, visit About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements including, but not limited to, statements regarding the expected benefits resulting from the Company's launch of its new AI claims benefit tool. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "positions," "confidence," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and its customers to realize the expected benefits of its new AI benefits claims tool; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. View source version on Contacts Investor Relations:Steve Elder, Media:Kelly Gibson, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-07-2025
- Automotive
- Yahoo
Disappearing U.S. government support for EVs? Panel at WEX sees technology moving ahead anyway
Portland, Maine–It was difficult at times, in listening to a panel discussion on fleet electrification at a WEX-sponsored forum here, to remember it was taking place against a backdrop of Washington eliminating various subsidies and incentives designed to reorient transportation toward electrons and away from petroleum molecules. A $7,500 U.S. federal tax break for buyers of new electric vehicles (EVs)? Gone. A $4,000 break if you purchase a used EV? Ditto. A tax credit for new wind and solar projects? That's still around, but given the aggressive timeline to get the projects moving, it might as well not be. And Congress has taken steps to undercut California's Advanced Clean Trucks (ACT) rule by withdrawing its EPA waiver, though the legality of that is being challenged. But for the panel at the forum sponsored by WEX, which is mostly a payments provider but also has its own division that invests in mobility technology, the outlook remained positive. If there was a theme running through the comments by the panel's members, it was that technology is racing ahead so fast that while U.S. government policies are shifting quickly from a pro-EV slant to at best a neutral stance, those changes will not derail the energy transition. The members of the panel have a stake in seeing it happen; they were all in businesses that will flourish on the back of EV growth. But their message did not falter at all during the panel. They left little doubt about where they see the electrification of fleets heading. Andrew Beebee, the managing director at venture capital firm Obvious Ventures, said a failure of those who are now predicting a big slowdown in EV technology is that they are not 'looking around the corner in terms of making probability-weighted predictions about technology that's coming, that's in the labs, that are soft of breakthrough things that we invest in as venture capitalists.' While much of the focus on the panel was on smaller vehicles including medium-duty trucks, discussion on heavy-duty trucks crept into the conversation with a balance of acknowledgement of current limitations but still with a belief that technology will eventually be able to overcome them. Beebee made the analogy to trans Pacific ocean shipping 'which we've all thought for a long time there's no way you can electrify that.' He cited an unidentified company that three or four years ago that Obvious Ventures looked at for an investment. At the time, the company's engineers said of electrified trans-Pacific shipping, 'we want to do that someday, but there's no way we can get there in the next five to 10 years.' But in recent discussions, Beebee said, the company is now saying 'we can get across the Pacific with a container ship that's fully electrified and it's more cost effective than today's container ships.' That led Beebee to note that the assumption in long-distance over the road trucking always has been that a transition would need to end up with hydrogen as the fuel, because battery weight and storage capacity would be inadequate. He's no longer sure: 'Batteries do extraordinary things and they will be an order of magnitude better over the next decade. So I would just encourage everyone to sort of go on a journey of suspended belief.' Beebee is a former executive in the solar industry. 'Remember the solar cost curve and others that we've seen over time that have blown our minds in terms of the capabilities to reduce costs,' he said. 'I think we will get to those places faster than a lot of people anticipate.' Beebee also said during his days as a solar investor, the challenge was to have solar power generate electricity at less than $1 per watt. He noted that it is now 15 cents per watt. Lisa Drake, the director fleet electrification for third party fleet manager Merchants Fleet, was somewhat more cautious about the pace of electrification in general. Medium duty trucks were part of her discussion of the market. 'Pickup trucks and cargo vans in 2021 really weren't ready,' she said. 'I think that the excitement and curiosity and some level of readiness to at least get started was there, but the vehicles were not.' But that was followed by a period where both tax and other incentives came into the market through the Inflation Reduction Act. Concurrently, more vehicles were making their entrance as well. She also said the now-sidelined California Advanced Clean Fleets (ACF) rule also arose during that period and was 'the first regulation that really forced fleets to create the demand.' But with ACF effectively done and ACT either done or locked in litigation for the foreseeable future, electrification for some fleets is 'the least of their worries, unless they have sustainability goals or parent company expectations.' Without those factors, Drake said, 'we see many, many fleets taking a break.' They haven't written off that there might eventually be change in vehicle propulsion, she added. 'But it doesn't have to be today.' Drake said there's an upside to that. 'I think it gives us some time to breath and kind of reevaluate what are the right services that are going to meet our fleets' needs,' she said. Sarah Booth, panel moderator and the director of Sawatch Labs, which WEX purchased last year sounded a sentiment similar to Drake: the pace of adoption is slowing. Sawatch consults with companies investigating making a full or partial switch to EVs. 'Ultimately, the people that run logistics today and fleets are sometimes not super forward thinking, and they're used to doing it one way,' Booth said. That reluctance often still exists even after Sawatch has shown that if total cost of ownership is the guide, EVs are clearly superior. 'Sometimes they're still saying we're going to hold up another two years,' Booth said. 'So they're making a more expensive decision by putting an internal combustion engine in because change is hard.' The representative on the panel who works for a company that is actually using EVs was Mathias Krieger, the chief product officer and co-founder of the UK's HIVED, which is a parcel delivery service. He came back to the point that any long-term analysis of EVs will always wind up with the conclusion that it will become the dominant mobility technology. That case can be made without making reference to net zero or other climate goals. 'It is just more efficient to deploy,' Krieger said. 'I think people are gradually realizing that. I don't think there's a sudden shift, but I think more and more people are realizing that is the case.' But beyond the withdrawal of government support, what about the reports of EVs being warehoused due to a lack of buyers? Part of that development is due to Tesla and its political problems, but it extends beyond Elon Musk's company. Beebee cautioned that while the industry is experiencing a drop in the rate of growth, he still expects more EVs to be sold in the U.S. this year than in 2024. The confidence of not just the panel but those in attendance could be seen in a spot 'raise your hands' poll conducted by Booth. A few hands went up when she asked if the audience saw global new sales of passenger vehicles being 100% by 2035. But when the timestamp was pushed out to 2040, the number rose to close to 100%. For over the road trucks, the time frame of 2050 got some support. As far as the rest of the world's adoption of EVs, Beebee said Europe is 'sort of holding steady' and 'China is cranking ahead.' More articles by John Kingston At a conference of mostly green investors, AlFleet pushes marriage of AI and trucking Another broker liability case knocks at Supreme Court door, this one involving C.H. Robinson XPO rating cut by S&P, agency cites continuing weak freight market The post Disappearing U.S. government support for EVs? Panel at WEX sees technology moving ahead anyway appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
