CorPay
CorPay (The CorPorate Bulk Payment Solution)

Introduction

The CorPay Solution is a payment solution that serves the corporate sector through their bank to facilitate all corporate payments.

The system acts as an intermediary between the banks and the corporate customer while interfacing with the Automated Clearing House (EG-ACH) to facilitate all corporate transactions from their bank account to the beneficiary bank account which could be hosted in any bank in Egypt.

Corporate Payment Workflow

CorPay Features

Payment Initiation Wrokflow

  • Transfer funds to all banks in Egypt: Corporates could use CorPay to transfer money from their own account(s) to other account(s) hosted in any Egyptian bank, e.g. Salary Transfers, Supplier Payments, Purchasing/Bill Payments…etc.
  • Authorization Matrix: CorPay offers a comprehensive authorization matrix, which allows payment amounts to be authorized by one or more corporate authorizer before the money transfer to the beneficiary side.
  • Track the payment online: CorPay avail a tracking channel to track payments till the delivery to the beneficiary side.
  • Eliminate manual operations: CorPay is a web-based application that transfers all money from one bank account “corporate account” to other bank account(s) without any operational/paper work.
  • Cash Management/Concentration: corporates could manage/concentrate its money through collecting all its cash money in one main pool account which could distribute all its payments/expenditures from it to different bank accounts.
  • Secured Payment Channel: CorPay avail corporates a secured payment channel of money transfer through the web without facing the risk of physical transfer of money.
  • Compatible with E-signature Law: CorPay provides high level of security of transfer of money, by providing corporate/bank user’s tokens before logging in to the application or issuing a certain payment.
  • Reporting System: CorPay avail high level of reports regarding the issued payment(s), which allow the payment initiator to trace his payment(s) to know the exact current situation/status of the batch.
  • Multi-Level Approval: CorPay avail a multi-level approval through the application for corporate users to authorize payment transfer with 3 levels :
    • Maker: create the corporate payments
    • Checker “1st reviewer”: review the created payments
    • Confirmer “2nd reviewer”: confirm the created payments to be submitted through the EG-ACH and transferred to the beneficiary account(s)
  • Payment Workflow:
    1. Corporate Maker extract payment file from corporate’s accounting system
    2. Corporate Maker upload the extracted payment file to CorPay
    3. Corporate Checker review and verify the payment file, and have the privilege to reject the whole batch with all the transactions, or to reject particular transaction(s) in a specific batch to returned back to the maker
    4. Corporate Confirmer confirm the payment file to be executed through the EG-ACH and posted to different bank accounts
    5. CorPay will avail online reporting based on the EG-ACH responses which will define the status of each payment whether it’s successful or rejected by the beneficiaries banks.
References

  1. CorPay Presentation
  2. CorPay Brochure