LOS ANGELES, June 1, 2017 /PRNewswire/ -- FastPay, a leading financial technology company that has provided lending services to digital businesses since 2009, today announced the launch of COMPLETE, a single, unified platform that pairs credit facilities with robust vendor payout capabilities.
For FastPay borrowers, enrolling in COMPLETE will lower their cost of funds and provide higher advance rates on their accounts receivable financing. For advertisers and agencies, COMPLETE will activate payables as a new source of income and increase their vendors' satisfaction by offering access to accelerated payment options.
"Having processed nearly $2 billion in payment advances, we've seen firsthand the friction of collecting from buyers and disbursing to vendors throughout the media supply chain," said FastPay President and COO Secil Baysal. "We believe offering advanced payment solutions paired with lending is a strong value proposition to our client base and will dramatically improve efficiency within the media supply chain."
Media vendors struggle with slow payment terms from advertisers and agencies, which often extend past 120 days. This creates working capital challenges for these vendors, which in turn forces them to delay payments to their own suppliers. COMPLETE offers an elegant solution to this financial gridlock by enabling timely and transparent money movement throughout the entire ecosystem.
COMPLETE offers vendors various disbursement methods such as ACH, domestic and international wire transfers, and card payments. FastPay has partnered with Comdata, one of the world's largest issuers of virtual credit cards and electronic payment processors, to provide COMPLETE users full access to the MasterCard network in order to manage vendor payments at scale. Additionally, leveraging FastPay's partnership with AFEX, COMPLETE has the capability to seamlessly disburse foreign exchange payments to vendors in more than 180 countries, offering COMPLETE buyers access to optimized currency conversion rates.
COMPLETE is led by Christine Kuecherer, General Manager of Platform Growth, who has over 15 years of experience with new product launches.
For more information visit: https://www.fastpaycomplete.com/
FastPay is a financial technology platform providing credit and payment solutions to digital industries. Leveraging proprietary technology and analytics, FastPay dynamically assesses the creditworthiness of borrowers and can issue working capital loans up to $50M+. Since its inception in 2009, FastPay has originated nearly $2B in loans and has access to hundreds of millions of dollars in deployable capital from partners including Citibank, Wells Fargo, and Hitachi. Its leadership team brings decades of credit and payments experience from Green Dot Corporation, Capital One and Skrill. Headquartered in Los Angeles, FastPay has offices in San Francisco, New York, and London. For more information, please visit https://gofastpay.com.
Comdata is a leading provider of innovative B2B payment and financial technology. By combining its unique capabilities in technology development, credit card issuing, transaction processing and network ownership, the company helps clients build electronic payment programs that positively impact their bottom line and operate their businesses more efficiently. Comdata is the second largest commercial issuer of MasterCard, and the largest fuel card issuer, in North America. For more information, visit www.comdata.com.
AFEX is a leading global payment and risk management solutions provider that specializes in cross-border transactions and provides market expertise and unrivalled customer service for businesses and private clients. With a client base of over 35,000 active commercial customers worldwide, AFEX prides itself on tailoring its payment and foreign exchange services to meet its clients' needs. AFEX's online payment platform - AFEXDirect provides clients with one consolidated overview of their currency exposure and makes it easy for companies to manage international invoices. AFEX maintains offices across the Americas, EMEA and Asia Pacific.