Corpay, a FLEETCOR® brand and world-renown specialist in the business payments space, announced that Corpay’s Cross-Border business has launched Payments GPS, a proprietary tracking technology that allows customers and partners to monitor payments in real time.
What is the market offering of Corpay’s Payments GPS?
Leveraging the best-in-class technologies, including SWIFT GPI (Global Payments Innovation), Payments GPS allows for a comprehensive infrastructure for the company’s customers 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.
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.
What does the solution mean for Corpay?
Commenting on the Payments GPS solution, Corinne MacMillan, Chief Product Officer, Corpay’s Cross-Border Solutions, said, “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.”
“And we don’t plan on stopping here. We’re shall continue to improve our infrastructure and data-sharing across all networks so we can continue delivering leading-edge transparency.”
“Today, 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. Payments GPS is the first step in our endeavors to build infrastructure aimed at increasing transparency throughout the payment process,” commented Mark Frey, President, Corpay’s Cross-Border Solutions.
For information about Payment GPS and the benefits it can provide, please visit the website.
