Banyan to Add Item-Level Data Capabilities to WEX Virtual Payments

Banyan has announced a new partnership with WEX.

“As a B2B FinTech whose purpose is to simplify the business of running a business, WEX helps solve operational complexities and streamline business payments,” Banyan said Thursday (May 2) in a post on LinkedIn and in a blog post.

“Merchant partners of WEX will benefit from the addition of Banyan item-level data capabilities in WEX’s virtual payments solutions,” the company added.

PYMNTS Intelligence has found that item-level receipt data, which provides detailed information about individual purchases, helps businesses improve customer experiences and drive operational efficiency.

Seventy-two percent of companies believe that consumers would be at least somewhat likely to switch to firms that provide solutions based on the use of item-level receipt data in order to benefit from more detailed spending insights, more relevant shopping deals and a more efficient overall shopping experience, according to “Meeting the Need for Item-Level Receipt Data: Why Data Infrastructure is Key to a Better Customer Experience,” a PYMNTS Intelligence and Banyan collaboration.

Better data helps business make better decisions, Michael Budde, chief operating officer and chief financial officer at Banyan, wrote in the PYMNTS eBook, “The Implications of Uncertainty: Middle Market Companies Reckon With Risk and Reward.”

Banyan serves its platform partners by enabling clarity, versatility and simplicity, Budde wrote. For example, to facilitate clarity, the company’s platform fosters collaboration between merchants and financial institutions, amalgamates diverse customer spending datasets, and brings a clearer understanding of purchase behavior at the receipt level.

“When a customer checks out at the local grocery, that customer is making one decision that is the culmination of many item-level decisions which bring insights to the merchant, the bank and the consumer in a way that promotes a more personalized experience,” Budde wrote.

As for WEX, it formed a virtual card partnership with Booking.com in April that expands on the two companies’ 11-year-old partnership. This expanded collaboration includes WEX becoming Booking.com’s virtual card provider and WEX’s payment solutions supporting Booking.com’s travel-related products and services sales.

In October 2023, WEX expanded its product suite by signing a definitive agreement to acquire Payzer, a cloud-based field service management software provider.