US-based Corpay has announced that its Cross-Border business has launched Netting Manager to streamline and automate invoice settlement for businesses. 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 centralising payment flows. The solution 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 creates visibility into consolidated foreign exchange exposures, making it easier and less costly to reduce foreign exchange exposure from the parent level.

Officials from Corpay Cross-Broder said they developed Netting Manager with the intention that it would be easy to use. Many 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.

Greater accessibility and cost efficiency for intercompany netting 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 centralised and aggregated, creating larger transactions with lower transaction costs; Simplified payment procedures that allow for structure and greater visibility into intercompany settlements across the organisation. Officials from Corpay’s Cross-Broder Solutions said they are happy about the launch of Netting Manager and the expansion of their offering in the corporate treasury solutions space.

They want to facilitate 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.

What does Corpay do? Corpay is a player 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 Programmes. Corpay is part of the FLEETCOR’s portfolio of brands.

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