Corpay has recently expanded its operations into the UK market through Corpay Complete, a platform designed to enhance financial processes and streamline payment automation. This new offering is tailored to meet the unique requirements of the UK’s financial landscape.
Unified Financial Solutions for Enhanced Control
Corpay Complete unites various aspects of accounts payable, expense management, and international payments under a single platform. This unified approach simplifies workflows while providing real-time insights into financial activities.
Recent statistics reveal that UK finance professionals are grappling with operational inefficiencies due to time constraints and limited resources. According to Deloitte, 63% of UK CFOs identify cost control as their top priority, underscoring the need for more efficient financial management tools.
Moreover, a significant portion of businesses struggle with visibility into cash flow, and many have experienced invoice fraud due to manual processes. Only 36% of UK CFOs claim they have sufficient visibility over their cash flows, while one-third of companies report falling victim to such fraudulent activities.
The Urgent Need for Automation
Across the globe, a large percentage of finance professionals spend more than 10 hours weekly processing invoices. Despite this substantial commitment, only 5% of finance teams are fully automated according to a study by the Institution of Financial Operations Leadership.
The lack of automation is exacerbated by fragmented systems. Over 67% of global CFOs cite disconnected tools as major obstacles to achieving both cost efficiency and operational integration.
Corpay Complete’s Solution
To address these challenges, Corpay Complete offers a comprehensive solution aimed at saving time, reducing costs, and centralizing control over various financial operations. By integrating accounts payable, expense management, and both domestic and international payments into one platform, the solution simplifies the finance lifecycle.
This integrated approach enables users to automate their finance processes from supplier management through payment approval. Customizable approval flows and a mobile-first interface aim to eliminate administrative inefficiencies and minimize error risks and fraud.
By expediting the approval process, businesses can improve supplier relationships and seize early payment discounts, thereby enhancing working capital. The platform also enhances corporate spend control through integrated card programs and single-use virtual cards, reducing potential financial leaks and unlocking cashback of up to 1% on eligible transactions.