Important Announcement:
After Thursday, August 31, 2023, Pegasus Bank’s Treasury Management platform, TMS, will no longer have access to our current back-end provider for international wire transfers, American Express (AmEx). Below is a timeline of events and how this will impact your company:
Friday, September 1: Pegasus Bank will go live with our new international wire vendor, Corpay. Because we have a new vendor, we will have to disable the international wire platform for a few days to test and validate information. International Wires will be turned back on through our TMS platform on Wednesday, September 6.
Customer Impact: In the interim, please upload your international wire requests through our Secure Messaging Center within TMS. We will manually process all international wires during the September 1-6 window.
Wednesday, September 6: We will turn on your access to our new international wire platform. All wire users and international beneficiaries will be imported into the new platform. Users can begin to send international payments electronically through our TMS platform.
Customer Impact
In addition to the detailed information below, you can find a link to training videos and user guides within the TMS platform, along with the password needed to access the videos. There are seven short modules, which run for a total of 35 minutes. The Treasury Management team will be in contact with organizations that actively send international wire transfers to discuss the transition and your training needs.
Single Sign On. Beginning September 6, when you log in to TMS, click on the “Payments” tab, and choose “Create FX Wire,” you will be taken to the Corpay platform.
Admins/Users. In advance of the conversion, we will add all Admins and Super Users on TMS as Super Users on the Corpay platform. We will migrate all Users (who are not Super Users) with international wire entitlements on TMS to the Corpay platform with “Read Only” access. Your organization’s Admin(s) will be able to review access for Users and adjust as needed on September 6 or any time thereafter.
Beneficiaries. We will also migrate all of your international wire beneficiary templates over to the Corpay platform. In some cases a template containing sufficient data for AmEx did not contain all elements needed to make the payment through Corpay; in those cases the template has not been moved over.
Approval E-mails. When a user receives an e-mail regarding the need to approve an international wire, the user should not click on the link within the approval e-mail. The user should log in to the TM platform which will then facilitate single sign on (SSO) into Corpay.
Account Numbers/Names. On Corpay, you will see only account numbers, not account names/nicknames. Corpay plans an enhancement in the future to allow for display of account nicknames.
Have Questions or Need Assistance?
If you have questions, please contact the Treasury Management team at (214) 353-3085, via e-mail at [email protected], or via the Secure Message center on the Treasury Management platform.
Who Is Corpay?
Corpay is the world’s largest non-bank provider of foreign exchange (FX) and hedging solutions, with 26 offices in 11 countries around the world, serving more than 25,000 commercial and private clients. In 2022, Corpay facilitated more than 3.8 million payments to 200 countries in 145 currencies, and traded over $73.7 billion in foreign exchange.
While we are having to make this change on short notice, long-term we believe the relationship with Corpay will improve your experience with international wires. Pegasus Bank has already been a customer of Corpay for many years, for international wires initiated by our consumer customers and our non-TMS business customers.
Corpay’s platform provides a number of benefits, including:
- An automated beneficiary banking data validation tool
- Interactive deal confirmations and ability to e-mail notifications to beneficiaries
- Payment formatting assistance and regulatory expertise
- Ability to generate your own SWIFT receipt (MT103) as proof of payment immediately after sending a wire
How Does the New Corpay Functionality Compare with American Express (AmEx)?
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American Express (AmEx)
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Corpay |
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User Experience |
Fully-integrated into the Treasury Management platform (TMS); all activity takes place within TMS. |
Single Sign-On (SSO); the User logs in to TMS, clicks on the “Payments” tab, then “Wires,” then “Create FX Wire,” and is taken to the Corpay platform. |
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Templates/Required Fields |
The input screen for FX wires on TMS was static; fields unique to a certain destination country may have been left off. This results in AmEx requesting additional information on international wires. |
The input screen for FX wires is dynamic; based on the destination country the user chooses, the input screen will change to reflect fields unique to that destination country. |
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User Access Levels |
Three levels of access:
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Two levels of access:
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Hours |
7:30-2:45 CT |
User can create a wire transfer at any time. Exchange rate is not locked in until the time at which the wire is approved.
A transaction will remain in the queue awaiting approval until it is approved or declined by the approver, or canceled by the initiator. |
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Cutoff Time for Submission of International Wire |
3 p.m. CT |
3 p.m. CT |
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Multi-Factor Authentication (MFA) |
User is prompted for MFA at login to TMS, and again for significant activities such as creating or approving an international wire. |
User is prompted for MFA at login to TMS, but will not be prompted for MFA at the time of significant activities such as creating or approving an FX wire. |
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Approval E-mails |
Approval e-mails instruct the user to log in to TMS to approve FX wires that are pending approval. FX Wires pending approval are shown in the “Payments Pending Approval” widget. |
When a user receives an e-mail regarding the need to approve an international wire, the user should not click on the link within the approval e-mail. The user should log in to the TM platform which will then facilitate single sign on (SSO) into Corpay. FX Wires pending approval are not shown in the “Payments Pending Approval” widget. |
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Confirmation of Exchange Rate |
User confirms rate at the time of creating of the wire. Approval takes place at the same rate. (Note, however, that if there had been a significant change in rate between initiation and approval, AmEx reserved the right to cancel the initial payment, though this was a very rare occurrence.) |
Corpay provides the user with an exchange rate at the time the user creates the international wire. However, the exchange rate is not locked in until the wire is approved. |
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Timing between Creation of FX Wire and Approval |
If an FX wire was not approved by the 3 p.m. cutoff time, the wire would expire and would need to be re-entered the next day. |
An FX wire will remain in the queue awaiting approval until it is approved or declined by the approver, or canceled by the initiator. |
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SWIFT Receipt |
AmEx receipts were available upon request. |
Users can generate a SWIFT receipt (MT 103) within Corpay. |
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Account Numbers/Names
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Users see both account numbers and names/ nicknames. |
Users see only account numbers, not account names/nicknames. Corpay plans an enhancement in the future to allow for display of account nicknames. |