Corpay Unveils End-to-End Spend Management Solution, Corpay Complete

Rhea-AI Summary

Corpay, a FLEETCOR brand, has launched Corpay Complete, a spend management platform for corporate payments and spending. The platform integrates corporate cards, expense reimbursements, accounts payable automation, and supplier payments into one mobile-ready solution. It aims to simplify the corporate spending process and provides a centralized hub accessible by multiple profiles. The platform also offers various functions such as purchase order automation, invoice automation, supplier management, payments, corporate card, virtual cards, expense management, and U.S. & International payments.

Insights

Financial Analyst

The introduction of Corpay Complete represents a strategic move within the fintech and corporate payments industry. From a financial perspective, the consolidation of various payment and expense management functions into a single platform could potentially streamline operations for businesses, leading to cost savings through improved efficiency and reduced need for multiple software subscriptions.

The platform's ability to integrate with major ERP systems like NetSuite, Sage and Microsoft Dynamics is particularly noteworthy. This feature may make Corpay Complete an attractive option for businesses looking to minimize integration complexities, which can often be a significant hurdle in adopting new financial technologies.

Moreover, the emphasis on AI and machine learning for invoice automation and the use of optical character recognition for expense management indicates that Corpay is leveraging advanced technologies to enhance the user experience and reduce manual errors. These innovations could result in higher adoption rates and increased customer satisfaction, potentially impacting Corpay's market share and revenue growth positively.

Market Research Analyst

Corpay's position as the leading B2B commercial Mastercard issuer in North America and its processing of over one billion transactions annually underline its significant role in the payments industry. The launch of Corpay Complete could disrupt the current market by offering a unified spend management solution that addresses common pain points such as siloed software and inefficiencies in collaboration.

The product's mobile readiness and the inclusion of virtual cards also align with the increasing demand for flexible and secure payment solutions, especially in a post-pandemic environment where remote work and digital transactions have become more prevalent. This could potentially increase Corpay's competitiveness and appeal to a broader range of clients, from small businesses to large enterprises.

Furthermore, the availability of cross-border payments to over 200 countries positions Corpay Complete as a solution for global businesses, expanding its market potential. The emphasis on fraud detection algorithms and supplier management features may also enhance trust and reliability among users, which are critical factors in the adoption of new payment technologies.

Cybersecurity Expert

The integration of sophisticated algorithms for fraud detection within Corpay Complete is a critical component that addresses the growing concern over cybersecurity in financial transactions. As businesses increasingly rely on digital payment solutions, the risk of fraudulent activities also rises.

Corpay's focus on virtual cards, which are one-time-use and tied to specific dollar amounts, provides an additional layer of security for both vendor payments and employee spending. This approach minimizes the risk of unauthorized transactions and could be a strong selling point for businesses concerned with financial security.

The platform's vendor portal, which allows suppliers to securely upload documents and check payment statuses, further reinforces the importance of cybersecurity in the overall design of Corpay Complete. By providing secure channels for information exchange, Corpay may be able to mitigate risks associated with data breaches and enhance the platform's credibility in the market.

The number-one B2B commercial Mastercard® issuer in North America simplifies corporate payments and spending into one easy-to-use, all-in-one, mobile-ready platform.

ATLANTA--(BUSINESS WIRE)-- Corpay, a FLEETCOR® brand and global leader in business payments, today announced the launch of Corpay Complete, a next-generation spend management platform for corporate payments and spending. The first-of-its-kind payment solution is now available to new customers in the United States and Canada and to eligible existing customers.

Corpay Complete uniquely combines all aspects of spend management and payments into one mobile-ready platform. This integrates corporate cards and expense reimbursements with accounts payable (AP) automation and supplier payments into a unified solution.

“Siloed software is fintech’s biggest problem, increasing costs, slowing down collaboration, and causing inefficiencies. Through Corpay Complete, we are finally breaking down these silos to give finance teams a more complete and precise understanding of their payments and working capital,” said Rick Fletcher, Group President at Corpay. “Corpay Complete provides simpler, more efficient management of expenses across both field & AP spend. No longer do companies need to sacrifice rebates and payment controls at the expense of easy-to-use payment approvals that work with their ERP.”

As the number-one B2B commercial Mastercard® issuer in North America, Corpay is one of the most financially stable non-banking payments companies in the industry, which has allowed it to establish trust between vendors and businesses of all kinds. The company processes over one billion payment transactions annually across multiple forms, including checks, automated clearing house (ACH), virtual cards, and physical cards. This has enabled Corpay to develop sophisticated algorithms to detect fraudulent transactions and spending.

Built on Corpay’s fintech agility and unparalleled payments scale, Corpay Complete is a culmination of the company’s industry-leading payments, card networks, and cutting-edge software capabilities developed through years of market experience, product innovation, and customer insight. The platform seamlessly integrates with dozens of ERP’s across industries including major ERP’s like NetSuite, Sage & Microsoft Dynamics.

“We have been using Corpay products since 2020. Corpay Complete is a great tool for our invoice automation process and continues to meet our needs, even as our processes have evolved,” said Leah Sickinger, Controller, VSC Fire & Security, Inc., a provider of comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties with 25 offices across 10 states.

The Corpay Complete platform provides a centralized hub with a single user interface that can be accessed by multiple profiles, from finance administrators to business managers to general employees, with customized access and workflow rules for each profile. This simplifies the corporate spending process by integrating a wide range of functions, including:

• Purchase Order (PO) Automation: Mobile requisitions and approvals allow users to request and approve POs on the go.
• Invoice Automation: Artificial intelligence and machine learning technology automatically extracts data from invoices and matches them to POs.
• Supplier Management: Vendor portal enables suppliers to easily upload documents and check invoice payment statuses.
• Payments: Single-payment-file processing pulls directly from clients’ ERP systems, allowing for vendor payments via any method – ACH, check, or virtual card.
• Corporate Card: Customized controls for all types of spend and industry-leading cash rebates tailored to purchasing needs and cash flow.
• Virtual Cards: One-time-use cards locked to a specific dollar amount to pay vendors, or for use by employees in the field, backed by a network of 3M+ vendors.
• Expense Management: Optical character recognition technology automatically matches receipts to card transactions, simplifying the creation and filing of expense reports.
• U.S. & International Payments: Integration with all U.S. banks and cross-border payments to over 200 countries.

For more information about Corpay Complete, please visit www.corpay.com.

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. As the #1 B2B commercial Mastercard® issuer in North America, Corpay handles over a billion transactions each year. Corpay is part of the FLEETCOR (NYSE: FLT) portfolio of brands. To learn more, visit www.corpay.com.

Source: FLEETCOR Technologies, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240123020475/en/

Press Contact:

Chad Corley, 770-729-5021

Chad.corley@fleetcor.com

Source: FLEETCOR Technologies, Inc.

FAQ

What is the name of the spend management platform launched by Corpay?

Corpay has launched Corpay Complete, a next-generation spend management platform for corporate payments and spending.

What are the main features of Corpay Complete?

Corpay Complete integrates corporate cards, expense reimbursements, accounts payable automation, and supplier payments into one mobile-ready solution. It also offers functions such as purchase order automation, invoice automation, supplier management, payments, corporate card, virtual cards, expense management, and U.S. & International payments.

Who is the group president at Corpay?

Rick Fletcher is the Group President at Corpay.

How many payment transactions does Corpay process annually?

Corpay processes over one billion payment transactions annually.

What kind of technology does Corpay Complete use for invoice automation?

Corpay Complete uses artificial intelligence and machine learning technology for invoice automation.