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/.
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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Senior Account Director
VP, Cross-Border Marketing