Technology company Fleetcor, the parent company of fuel payment firm Allstar, has changed its name to Corpay.

The official adoption of the new name follows the initial announcement of the rebranding earlier this month.

According to the company, the name change is designed to better reflect its current portfolio of corporate payment solutions.

Commenting with the initial announcement, chairman and CEO Ron Clarke said: “We will use Corpay as the go-to-market brand for our corporate payments segment, and retain our existing popular go-to-market brands in our vehicle payments and lodging payments segments.”