Corpay Cross-Border Launches Netting Manager to Streamline and Automate Internal Invoice Settlement
25 Julho 2023 - 9:30AM
Business Wire
Netting Manager can help optimize intercompany
financial transactions, reducing costs and improving efficiency and
cash flow management
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.
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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
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