US-based business payments provider Corpay has launched Payments GPS, a new offering that allows the live tracking of payments. Payments GPS was developed using proprietary tracking technology that enables customers to monitor payments in real time.

To track a payment, clients and partners can use the Tracker ID that is assigned to each transaction processed by Corpay. The new offering was reportedly launched by the company’s cross-border business. The wider context As outlined in the official press release, Payments GPS comes to address a pain point in the market, as previous to its launch senders who wanted to check the status of a payment would need to call in or request a payment investigation offline.

To address this, the new product strives to reduce these manual touchpoints by offering comprehensive information on the payment status, the associated fees, as well as any necessary documents clients may need to upload on a centralised platform. In terms of usability, the Payments GPS is said to provide an intuitive user experience, API Suite, as well as push notifications that allow customers to track payments. When explaining the reasoning behind the development of this new offering, a representative from Corpay explained that Payments GPS was launched as a response to the demand for transparency in the cross-border payments space.

Moreover, the official further revealed that the launch of Payments GPS is just one stage in the company’s wider efforts to improve its infrastructure and data-sharing capabilities. What does Payments GPS offer? Among the benefits this newly released solution reportedly brings are: Transparency – as it provides customers with the real-time payment status from initiation to settlement, thus enabling clients to monitor each step of a transaction. Insights – the new offering extends insight related to bank fees and other charges upfront.  As a result, clients can make informed decisions. A centralised platform – by leveraging this solution, clients can get access to information related to the movement of payments across banks – encompassing BIC codes, payment received and released dates, deductions, FX rates, and credited amounts. Convenience – given that customers can check the status of a payment without further assistance, this is expected to translate into better exception handling and lower time and costs associated with transaction investigations. This is not the sole offering introduced by Corpay in recent times.

Earlier in 2023, the business payment provider launched the Netting Manager, in a bid to streamline and automate invoice settlement for businesses. .