TORONTO - Tuesday, 12. September 2023
Payments GPS unlocks a new era of payment transparency, providing real-time status updates on cross-border payments.
(BUSINESS
WIRE) -- Corpay1, a FLEETCOR® (NYSE: FLT) brand and global leader in
business payments, is proud to announce that Corpay’s Cross-Border
business has launched Payments GPS, a proprietary tracking technology
that allows clients and partners to monitor payments in real time.
Leveraging
best-in-class technologies, including SWIFT GPI (Global Payments
Innovation), Payments GPS allows for a comprehensive infrastructure for
clients and partners to continuously monitor payments. It provides an
intuitive user experience, API Suite, and push notifications – making
payment tracking more convenient than ever before.
“We have
witnessed a high demand for transparency in the cross-border payments
space. Our vision for Payments GPS is to provide clients and partners
with one interface where they can track all payments across Corpay’s
networks,” says Corinne MacMillan, Chief Product Officer, Corpay’s
Cross-Border Solutions. “And we don’t plan on stopping here. We’re on a
mission to continue improving our infrastructure and data-sharing across
all networks so we can continue delivering leading-edge transparency.”
Prior
to the launch of Payments GPS, understanding the status of payments
would require senders to call in or request a payment investigation
offline – a process that could take days. Payments GPS drastically
reduces these manual touchpoints by providing full details on the
payment status, associated fees and any necessary documents clients may
need to upload on a centralized platform. Each payment can be easily
monitored and tracked using a Tracker ID that is assigned when it is
processed by Corpay.
Core benefits of the product include:
Transparency: Provides real-time payment status from initiation to
settlement and allows clients to monitor each step of the journey.
Centralized platform: Clients can access secure, thorough, and reliable
information about the movement of payments across banks, including BIC
codes, payment received and released dates, deductions, FX rates, and
credited amounts.
Knowledge: Provides detailed insight into
bank fees and other charges upfront, enabling clients to make more
informed decisions.
Certainty: Real-time tracking ensures
up-to-date information and gives clients confidence that the payment was
successfully delivered to the recipient.
Convenience:
Enables a superior self-serve option for clients and partners, which
allows for better exception handling and reduces investigation time and
cost.
Providing a transparent self-serve platform for clients
will also tremendously reduce the number of payment investigation cases
opened for Corpay’s internal operations team.
“In today’s world,
transparency is everything. At Corpay, we want our clients to have the
same level of visibility and knowledge about the status of their
payments as we do,” said Mark Frey, President, Corpay’s Cross-Border
Solutions. “Payments GPS marks the first step in our endeavors to build
comprehensive infrastructure aimed at increasing transparency throughout
the payment process."
For information about Payment GPS and the benefits it can provide, please visit https://cross-border.corpay.com/payment-gps/.
About Corpay
Corpay
is a global leader in business payments, helping companies of all sizes
better track, manage and pay their expenses. Corpay provides customers
with a comprehensive suite of online payment solutions including Bill
Payment, AP Automation, Cross-Border Payments, Currency Risk Management,
and Commercial Card Programs. Corpay is part of the FLEETCOR (NYSE:
FLT) portfolio of brands. To learn more, visit www.corpay.com.
1“Corpay”
(a Fleetcor (NYSE: FLT) brand) in this document primarily refers to the
Cross-Border Division of Corpay https://www.corpay.com/cross-border; a
full listing of the companies that are part of the Corpay brand is
available here: https://www.corpay.com/compliance.
* Subject to credit and compliance approval from the relevant Corpay company.
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Contacts
Media:
Keera Hart
Senior Account Director
(905) 580-1257
Keera.Hart@kaiserpartners.com
Corpay:
Brad Loder
VP, Cross-Border Marketing
(647) 627-6635
brad.loder@corpay.com