Corpay’s X-Border Business Launches Internal Invoicing Solution

Corpay’s cross-border business has launched a tool that automates and streamlines the settlement of internal invoices for corporations that have global subsidiaries.

The new Netting Manager enables businesses to operate across the globe and save both time and money by taking advantage of intercompany netting, a financial practice used by multinational corporations to consolidate transactions in various currencies, according to a Tuesday (July 25) press release.

“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,” Corpay Vice President of Currency Risk Analytics Jim Kessler said in the release.

The solution can be integrated with many of the core accounting systems used by most companies, making intercompany netting accessible and efficient, according to the release.

The tool reduces costs by requiring fewer payments, reduces float by lowering the number of banks used and reduces transaction costs by centralizing and aggregating foreign exchange (FX), the release said. It also provides greater visibility into intercompany settlements and offers access to several comprehensive reports.

The announcement comes about two months after Corpay, a Fleetcor brand, teamed up with Sunflower Bank to help the bank’s clients manage cross-border payments and currency risk. Via the collaboration, the bank’s clients can use Corpay’s cross-border solutions to help mitigate FX exposure and manage their global payments from a single platform.

“During our beta phase with Corpay it was quite evident that our clients enjoyed working with their team, closed their transactions as planned and had positive experiences,” Sunflower Bank Senior Vice President and Treasury Management Director Layne Nunes said May 9 when announcing the partnership.

PYMNTS research found that navigating cross-border payment complexity is a leading limitation to growth for 27% of small- to medium-sized businesses (SMBs).

Understanding this growing demand, most financial institutions do offer business customers an array of digital tools to facilitate international payments, but many are also aware that their solutions could be more effective at addressing payment friction for the businesses they serve, according to the “B2B Cross-Border Payments Tracker®,” a PYMNTS and American Express collaboration.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.