Corpay Cross-Border Launches Netting Manager to Streamline and Automate Internal Invoice Settlement

Rhea-AI Summary

Corpay1, a FLEETCOR brand, has launched Netting Manager, a solution that streamlines the settlement process of internal invoices for corporations with global subsidiaries. Netting Manager simplifies intercompany netting, reducing costs and improving efficiency for businesses. It also provides visibility into consolidated foreign exchange exposures. The solution is easy to use and integrates with core accounting systems.

Positive

• Netting Manager reduces payment costs due to fewer payments, simplifies payment procedures, and provides greater visibility into intercompany settlements. It also centralizes and aggregates FX, creating larger transactions with lower costs. The solution is easy to integrate with core accounting systems and can be up and running within days for multinational companies of all sizes.

Negative

• None.

Netting Manager can help optimize intercompany financial transactions, reducing costs and improving efficiency and cash flow management

TORONTO--(BUSINESS WIRE)-- Corpay¹, a FLEETCOR® (NYSE: FLT) brand and global leader in business payments, is pleased to announce that Corpay’s Cross-Border business has launched Netting Manager, a comprehensive solution that streamlines and automates the settlement process of internal invoices for corporations with global subsidiaries.

Netting Manager allows companies to operate seamlessly across the globe by simplifying the process of intercompany netting - a financial practice used by multinational corporations to consolidate transactions in various currencies. It involves offsetting mutual obligations between subsidiaries and centralizing payment flows. This not only reduces the need for multiple payments, but also simplifies the reconciliation process, resulting in both cost and time savings for businesses. Furthermore, it can help create visibility into consolidated foreign exchange exposures, making it easier and less costly to reduce foreign exchange exposure from the parent level.

“It’s simple, and that’s what is great about it. We developed Netting Manager with the intention that it would be easy to use,” said Jim Kessler, Vice President, Currency Risk Analytics at Corpay Cross-Border. “Many of the current netting solutions on the market are complex and require extensive onboarding, which results in higher costs and acts as a barrier for smaller companies with fewer resources. Netting Manager’s streamlined, user-friendly design allows multinational companies of all sizes to have the system up and running within days, compared to other existing systems that can take months to onboard.”

Netting Manager aims to make intercompany netting accessible to more companies by providing access to a low-cost, intuitive solution that is easy to integrate with many core accounting systems. Core benefits of the solution include:

• Reduction in payment costs due to fewer payments
• Reduction in the number of banks used, leading to a reduction in float
• FX is centralized and aggregated, creating larger transactions with lower transaction costs
• Simplified payment procedures that allow for structure and greater visibility into intercompany settlements across the organization

“We are extremely excited about the launch of Netting Manager and the expansion of our offering in the corporate treasury solutions space,” said Mark Frey, President, Corpay’s Cross-Border Solutions. “We are proud to help businesses of all sizes navigate the intercompany netting process and look forward to continue developing solutions in this space.”

The complete netting solution offers access to several comprehensive reports, including funding reports, participant reports, settlement reports and estimated saving reports. There is no cost to Corpay customers to use the solution or generate reports, and the solution can be leveraged in all countries that allow netting.

For information about Netting Manager and the benefits it can provide, please visit: https://www.corpay.com/cross-border/currency-risk-management/intercompany-netting

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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230725152597/en/

Media Contact:

Keera Hart

Senior Account Director

(905) 580-1257

Keera.Hart@kaiserpartners.com

Corpay Contact:

Brad Loder

VP, Cross-Border Marketing

(647) 627-6635

bloder@cambridgefx.com

Source: Corpay

FAQ

What is Netting Manager?

Netting Manager is a solution that streamlines the settlement process of internal invoices for corporations with global subsidiaries.

What are the benefits of Netting Manager?

Netting Manager reduces payment costs, simplifies payment procedures, provides greater visibility into intercompany settlements, and centralizes and aggregates FX.

Is Netting Manager easy to use?

Yes, Netting Manager is designed to be user-friendly and can be up and running within days for multinational companies of all sizes.

Does Netting Manager integrate with core accounting systems?

Yes, Netting Manager is easy to integrate with many core accounting systems.