The new Corpay Complete integrates corporate cards, expense reimbursements, accounts payable (AP) automation and supplier payments to offer a comprehensive solution for finance teams, the company said in a Tuesday (Jan. 23) press release.
One of the major challenges in the FinTech industry is the presence of siloed software, which leads to increased costs, slower collaboration and inefficiencies, Rick Fletcher, group president at Corpay, said in the release.
Corpay Complete aims to address this issue by breaking down these silos and providing finance teams with a more complete and precise understanding of their payments and working capital, he added.
“Corpay Complete provides a simpler, more efficient management of expenses across both field and AP spend,” Fletcher said in the release. “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 [enterprise resource planning system].”
Corpay Complete integrates with dozens of major ERP systems, making it accessible to a wide range of industries, according to the release.
The Corpay Complete platform offers a centralized hub that can be accessed by multiple profiles, from finance administrators to business managers to general employees, the release said. Each profile has customized access and workflow rules.
Some of the key features of Corpay Complete include mobile requisitions and approvals for purchase order automation, artificial intelligence (AI) and machine learning (ML) technology for invoice automation, a vendor portal for supplier management, and flexible payment options such as ACH, check or virtual card, per the release.
Corpay Complete also offers cash rebates tailored to purchasing needs and cash flow, as well as one-time-use virtual cards locked to a specific dollar amount for vendor payments or employee use in the field, according to the release.
Additionally, the platform simplifies expense management with optical character recognition technology that automatically matches receipts to card transactions, the release said.
Corpay Complete provides integration with all U.S. banks and offers cross-border payments to over 200 countries, per the release.
PYMNTS Intelligence has found that companies have been investing in digital technology to improve systems like working capital management, procurement, accounts receivable (AR) and AP.
Driving this trend is companies’ recognition of the importance of digital solutions to enhance payment processes and gain a competitive advantage, according to “Digital Payments: A Changing Economy Sparks New Priorities for Systems Spending,” a PYMNTS Intelligence and Corcentric collaboration.