WEX Inc. has partnered with a payment service company to automate the car registration renewal process for businesses in Australia.
The Melbourne-based FinTech Payment Logic developed a robotic process automation solution that, when coupled with WEX virtual payments, enables the automation and payment of the car registration renewal process for fleets of vehicles, according to a release from WEX. This is designed to reduce human error and the cost of manual processing of car registration payments.
This solution takes a file of car registrations and automatically inserts a virtual card payment and enters the registration renewal without any manual input by the fleet owner, manager or administrator, said WEX.
A 2018 ACA Research Corporate Fleet Insights Report estimates that, in Australia, there are 19,000 businesses operating fleets with 20 or more vehicles, with a total of 2,162,000 vehicles, according to a release from WEX. The company estimates that within a fleet leasing company, the end-to-end car registration renewal process can take up to 12 minutes each time, or more than 430,000 hours per year across the fleet segment noted.