AFEX, a non-bank provider of global payment and risk management solutions, has introduced a new prepaid Mastercard to help firms including fleets manage employee expenses.

The PayFEX programme enables multiple cards to be managed on a single platform.

Developed in partnership with Wirecard Card Solutions and Payment Card Solution, the PayFEX programme enables multiple cards to be managed on a single platform with an online portal to manage expenditure limits, add or withdraw funds and produce reports.

Other features include smartphone receipt capture and upload for users alone with the ability for managers to cap spending, switch ATM access on and off, monitor expenditure in real time and send manual or automated top-ups to individual cards worldwide.

PayFEX is issued in three single currency cards – EUR, USD and GBP. There are no set-up fees, point of sale fees or annual fees. There is a fixed fee for out of card currency spend plus a small load fee and ATM fee for cash withdrawals.

Tom Jennings, managing director of Wirecard Card Solutions, commented: ” PayFEX will make it easier and more cost efficient for firms to manage their employee expenses domestically and overseas.”