WEX Inc, a leading provider of corporate payment solutions, today announced that WEX Australia has extended its master agreement with the Helloworld Group (ASX: HLO) by signing a new contract with QBT, a market leading travel management company (TMC), to provide a virtual payments solution.

WEX’s single-use virtual credit card (VCC) technology, which assigns every transaction a unique card number, met QBT’s need for a solution that would seamlessly integrate into its global distribution system (GDS), and provide the company with additional controls for security. Additionally, the VCC technology will deliver efficiencies by reducing reconciliations, queries and invoice processing.

QBT provides travel management services in Australia to corporate customers, including a range of government, large corporate and small- to medium-sized enterprises. The company specialises in providing simple, affordable and personal services to its customers’ clients to ensure transparent, uncomplicated travel solutions for business travellers.

“We are thrilled to announce the extension of our agreement with the Helloworld Group to now include QBT, a market leader in the travel management company space,” said Jim Pratt, SVP and GM for Virtual Payments, WEX Inc. “QBT is our first customer to use an integration tool through its Global Distribution System to implement the VCC solution, and streamline its hotel bill back and credit card reconciliation process – which is an enormous benefit for a TMC.”

“The WEX virtual payments solution was a great fit for QBT,” said QBT General Manager, Russell Carstensen. “Not only was the integration into our existing system seamless, we now have the ability to provide a bill back service which removes the need to provide upfront payments to our suppliers. That was a major attraction for us and will deliver significant efficiencies.”