Banyan announces new partnership with WEX.
“As a B2B FinTech that aims to simplify business operations, WEX helps solve operational complexities and streamline payments for businesses,” Banyan said on LinkedIn on Thursday (May 2). I mentioned this in a post and a blog post.
“WEX's merchant partners will benefit from the addition of Banyan item-level data capabilities to WEX's virtual payment solutions,” the company added.
PYMNTS Intelligence finds that item-level receipt data, which provides detailed information about individual purchases, can help companies improve customer experiences and increase operational efficiency.
72% of businesses offer solutions based on the use of item-level receipt data to help consumers benefit from deeper spending insights, more relevant shopping deals, and more efficient shopping I believe there is at least some possibility that they will switch to a company that does. The overall shopping experience is improved, according to a PYMNTS Intelligence and Banyan joint study, “Meeting the Need for Product-Level Receipt Data: Why Data Infrastructure Is Key to Improving Customer Experience.”
Better data helps companies make better decisions, says Michael Budde, Banyan's Chief Operating Officer and Chief Financial Officer, in the PYMNTS ebook, The Impact of Uncertainty: Middle Market Companies Consider risk and reward.”
Banyan serves platform partners by delivering clarity, versatility, and simplicity, Budde wrote. For example, for clarity, the company's platform facilitates collaboration between merchants and financial institutions to integrate diverse customer spending data sets and create a clearer understanding of purchase behavior at the receipt level. bring.
“When a customer checks out at their local grocery store, that customer experience is the culmination of many item-level decisions that yield insights for merchants, banks, and consumers in ways that foster a more personalized experience.” ” Budde wrote.
As for WEX, it entered into a virtual card partnership with Booking.com in April, extending the two companies' 11-year partnership. The expanded partnership includes WEX becoming Booking.com's virtual card provider and WEX's payment solutions supporting Booking.com's sales of travel-related products and services.
In October 2023, WEX entered into a definitive agreement to acquire Payzer, a cloud-based field service management software provider, expanding its product suite.