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.”
Matt Roy, co-founder, and general manager of Flume at WEX, revealed in a prepared statement that the company previously unveiled a beta version of Flume and has been ramping up for the recently announced public launch.
According to WEX, Flume handled more than $2 million in small business payments during its beta period, with typical transactions ranging from $2,000 to $8,000. On its website, WEX says that Flume is up to 20 times cheaper than bank transactions.
According to the statement, WEX made it easier for businesses to accept credit cards quickly throughout the trial time and offered a connection with Quickbooks.
“For small businesses, quick access to financing may often mean the difference between life and death,” WEX’s chief strategy officer, Jay Dearborn, said in a prepared statement. “With Flume, we’re giving a simple solution to a complex problem, allowing these businesses to focus on the future rather than chasing down past payments.”
WEX’s “recommended” Essentials tier costs $50 per user each month and includes 30 free payments per month, according to the Portland, Maine-based company’s website.
