WEX Reorganizes With New Team For B2B Payments

Payments FinTech WEX is introducing a new corporate payment solutions team as it moves to reorganize its business, the company said in a statement on Monday (April 13).

Mark Aquilina was named the senior vice president of product and strategy of corporate payment solutions and will be in charge of product strategy and management for front-end applications and cloud-native processors. He will focus on developing cloud-based solutions for corporate payments across sectors including travel and healthcare.

Aquilina previously spent almost eight years working in commercial card products at Mastercard prior to joining the Portland, Maine-based WEX. He also previously worked at U.S. Bank and was in charge of fleet card programs.

“As a globally recognized leader in B2B product innovation, WEX sets a standard in the industry with their market-leading technology capabilities, agility in the marketplace and people-first culture,” said Aquilina. “I knew immediately that this was the place I wanted to be.”

As part of a new strategy aimed at innovation, WEX is developing “cloud-native solutions on a microservices-based architecture” as a way to improve payment speed and efficiency, the company said.

“Our payment management platform has been at the forefront of leading industry standards for more than a decade and is trusted by large enterprises, financial institutions (FIs) and technology partners,” said Jay Dearborn, president of WEX’s corporate payments division. “As a leading pioneer in the commercial payments space for more than 20 years, we are thrilled that Mark is bringing his industry expertise to WEX to ensure we continue to innovate on our current capabilities.”

As part of the restructuring, WEX also promoted Greg Sassone from vice president of FI solutions to the new role of senior vice president, business and partner growth. In addition, Dylan Jones will move from payments strategy operations leader to VP of operations.

WEX launched in 1983 as a fleet card provider and now operates as a FinTech payments provider in more than 10 countries and over 20 currencies. WEX processed nearly $40 billion in transactions globally on its platform in 2019. The new team’s focus will be on the $27 trillion domestic B2B payments market.

WEX closed a deal in January to acquire B2B travel payments startup eNett and B2B optimization company Optal.