WEX, a commerce platform, announced the general release of Flume, a digital wallet that allows users to conduct quick account-to-account transfers.
According to WEX, the new solution is meant to “bridge the digital divide for millions of small and medium-sized businesses in the United States. Flume is powered by WEX Payments and is insured by the Federal Deposit Insurance Corporation, according to WEX.
According to WEX, checks account for more than 40% of business-to-business payments in the United States, and two-thirds of enterprises process payments by hand. “While there are digital payment options available, most software is designed for large firms, creating an impenetrable barrier for small businesses.”
In a prepared statement, Matt Roy, co-founder, and general manager of Flume at WEX, stated that the firm previously debuted a beta version of Flume and has been ramping up for the recently announced public launch.
Flume handled more than $2 million in small company payments during its beta phase, according to WEX, with typical transactions ranging from $2,000 to $8,000. WEX claims that Flume is up to 20 times cheaper than bank transfers on its website.
WEX stated in the statement that during the trial period, the firm made it easier for businesses to accept credit cards rapidly and provided a connection with Quickbooks.
“For small enterprises, timely access to funds may frequently be life or death,” WEX’s chief strategy officer, Jay Dearborn, said in a prepared statement. “With Flume, we’re providing a simple solution to a difficult problem, allowing these firms to focus on the future rather than chasing down previous payments.”
WEX’s “recommended” Essentials tier costs $50 per user, per month and provides 30 free payments each month, according to the company’s website in Portland, Maine.
