Corpay's Cross-Border business has launched a proprietary tracking technology that enables real-time monitoring of payments.
This new solution, Payments GPS, utilizes SWIFT GPI (Global Payments Innovation) and other technologies to provide a comprehensive infrastructure for tracking payments, the company said in a Tuesday (Sept. 12) press release.
The demand for transparency in cross-border payments has been increasing, and Corpay aims to address this need with Payments GPS, according to the release. The platform offers an intuitive user experience, an application programming interface (API) suite and push notifications, making payment tracking more convenient than ever before.
Corinne MacMillan, chief product officer of Corpay's Cross-Border Solutions, said in the release: "Our vision for Payments GPS is to provide clients and partners with one interface where they can track all payments across Corpay's networks."
Before the launch of Payments GPS, understanding the status of payments required phone calls or offline investigations, which could take days to complete, according to the press release.
With Payments GPS, this process is streamlined, the release said. Clients can access full details on payment status, associated fees and necessary documents on a centralized platform. Each payment is assigned a Tracker ID, allowing easy monitoring and tracking.
The core benefits of Payments GPS include transparency, a centralized platform, knowledge, certainty, and convenience, per the release. Clients can monitor each step of the payment journey in real time, access reliable information about the movement of payments across banks, gain insight into bank fees and charges upfront, ensure up-to-date information on payment delivery, and enjoy a self-serve option that reduces investigation time and cost.
Mark Frey, president of Corpay's Cross-Border Solutions, said in the release: "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."
The launch of this new solution comes on the heels of the introduction of Netting Manager by Corpay's Cross-Border business. Unveiled in July, that new tool automates and streamlines the settlement of internal invoices for corporations with global subsidiaries. It can be integrated with many of the core accounting systems most companies use.
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