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TheStreet Open House

FleetCor Signs Partnership Agreement With Visa Europe

Stocks in this article: FLT

FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel cards and workforce payment products to businesses, announced today that it has signed a long-term agreement with Visa Europe.

Under the terms of this new agreement, FleetCor will utilize its Global FleetNet (“GFN”) fuel card processing system together with Visa Europe’s EMV standard chip and PIN intelligent technology to deliver new fuel card solutions across Visa Europe territories.

The companies plan to develop new fuel card propositions together with the first planned implementation in FleetCor’s Allstar business in the UK.

Allstar will be the first to offer this Visa Europe chip and PIN technology in the commercial fuel card space.

This Allstar fuel card implementation will create new benefits for Allstar’s commercial clients, including:

  • Enhanced security and fraud protection: The chip technology will make fuel cards nearly impossible to clone
  • Enhanced convenience: The Allstar cards will be usable both inside the shop and outside at the pump
  • Enhanced control: The cards will have improved purchasing restrictions to eliminate the purchase of non-approved fuel grades or other out-of-policy items

“We are excited to combine our specialized fuel card expertise with Visa Europe’s intelligent EMV chip technology to help us further capture more European fuel card spend,” said Ron Clarke, FleetCor’s Chairman and CEO.

Steve Price, Head of Business Development at Visa Europe, commented, “We are delighted to have concluded a partnership with FleetCor to deliver products to the fleet and fuel card marketplace. We believe there is a real need for new solutions that help reduce costs and extend payment functionality. The combination of Visa’s payments expertise together with FleetCor’s specialist fuel industry expertise makes for a powerful combination. I look forward to extending the partnership beyond this first implementation.”

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