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Firms Create Fleet Payment Platform

By Staff Writer August 26, 2020

Discover, a digital bank and payments company, and Car IQ, a California based financial technology startup, have partnered to create an innovative payment platform for machine-initiated payments beginning with automotive fleets. Fleet vehicles that are connected to the Car IQ platform will be able to transact autonomously to pay for services through the infrastructure of the Discover Global Network.

Car IQ has developed a touchless machine payment platform that turns the vehicle into a payment mechanism and enables it to automatically initiate and complete payments for services such as service/repair, tolls, fuel, insurance, parking and more. Once the service is complete, the vehicle generates a payment file for Discover to be paid via a virtual card transaction over the Discover Commercial Payments Network. This collaboration represents a new method for payment authentication that will simplify the payment management of any vehicle.

This advance of allowing a vehicle to pay for services on its own promises a major step forward in simplifying fleet payments by making the vehicle accountable for handling the day-to-day payments automatically.

“We believe the future is machine banking where cars and IoT systems are able to connect and pay for services directly with banks and payment networks,” said Sterling Pratz, Car IQ founder and CEO. “We are excited to partner with Discover as the payment provider for our proprietary identity verification process to deliver authenticated and trusted transactions directly to their payment network."

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Last modified on Wednesday, 26 August 2020 14:03

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