Corpay Cross-Border Joins the AbbeyCross ABX Platform to Provide FX Payments to Emerging Markets
October 01 2024 - 7:30AM
Business Wire
Corpay, Inc.*, (NYSE: CPAY) a global leader in corporate
payments, is pleased to announce that Corpay’s Cross-Border
business has entered into a strategic partnership with AbbeyCross
to provide FX Payments services to Emerging Markets, via the ABX
Platform, a new marketplace for FX payments. Corpay Cross-Border is
one of the first non-bank providers of global payments to join the
ABX Platform.
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Partnered with 100+ correspondent banks and counterparty trading
institutions across 6 continents, Corpay Cross-Border is one of the
world’s largest non-bank providers of global payment solutions,
handling payments to 200 countries in 145+ currencies, including
more than 100 exotic currencies. Emerging market economies are some
of the most dynamic in the world and Corpay’s dedicated emerging
markets team offers decades of experience and extensive knowledge
of country-specific foreign exchange regulations to support clients
trading in these markets.
Through the ABX Platform, Corpay Cross-Border will provide
competitive Emerging Markets foreign exchange (FX) rates, and
efficient access to its vast global network and innovative
cross-border payments solutions and emerging markets capabilities,
for fast, flexible and efficient local currency alternatives and
settlement.
AbbeyCross connects banks and non-bank Financial Institutions
through a single integration to multiple partners for outsourced FX
payments, enabling dynamic payment partner choice and true market
transparency, thus removing the need and cost of building multiple
bilateral integrations. Unlike today’s typical cross-border
payments model, the ABX Platform enables users to access a range of
transparent and competitive rates and settlement rails from
multiple payment providers, supporting more efficient FX payments
price discovery and “best execution”, enhancing our clients’ FX
payments capabilities and in turn, their own customer service
offerings. ABX Platform users can easily access and compare
multiple FX payments rates and service providers while payments
providers can reach a much wider and deeper network of potential
customers - everybody wins.
Mark Frey, Group President, Corpay Cross-Border said: “We
are excited to join the ABX Platform and partner with AbbeyCross to
bring transparency, improved market access and local payment
execution to market participants that are facilitating payments to
the emerging market world. The AbbeyCross vision with respect to
infrastructure development and improvement very much aligns with
our own, providing very strong synergy for this partnership.”
Mike Robertson, CEO and Co-Founder at AbbeyCross said:
“We are delighted to welcome market-leading Corpay Cross Border to
our FX payments partner community on the ABX Platform. Corpay’s
extensive global correspondent banking network and comprehensive FX
currency coverage - particularly in Emerging Markets - will
contribute significantly to the AbbeyCross vision of transforming
the global infrastructure for global FX payments. We are committed
to providing the dynamic payment partner choice a bank needs; the
lower integration costs a bank wants and access to the innovation
many banks are asking for, via a single simple integration to the
ABX Platform.”
About Corpay
Corpay, Inc. (NYSE: CPAY) is a global S&P 500 corporate
payments company that helps businesses and consumers pay expenses
in a simple, controlled manner. Corpay’s suite of modern payment
solutions help its customers better manage vehicle-related expenses
(such as fueling and parking), travel expenses (e.g. hotel
bookings) and payables (e.g. paying vendors). This results in our
customers saving time and ultimately spending less. Corpay
Cross-Border refers to a group of legal entities owned and operated
by Corpay, Inc.
Corpay – Payments made easy. To learn more visit
www.corpay.com.
About AbbeyCross
AbbeyCross is building a flexible and scalable marketplace to
give banks and MSBs efficient connectivity and access to multiple
FX payment partners, enhancing competition and choice in FX
payments. Beyond resolving today’s FX payments efficiency
challenges, AbbeyCross seeks to future proof users for new payments
and broader financial services innovations such as true Real Time
Payments and new digital settlement technologies.
Traditional cross-border FX payments connectivity requires
counterparties to engage in lengthy and costly integrations with
each new payment provider. AbbeyCross provides a sustainable
pathway to scalable partnerships with a single integration point to
the ABX Platform, connecting bank and MSB users seamlessly to a
marketplace of pre-integrated FX payments providers. Reducing
integration time and costs significantly means banks and other
counterparties can explore different payment partners without the
lengthy and costly processes traditionally associated with
onboarding new providers.
Beyond reducing technical integration barriers, the ABX Platform
addresses compliance and continuity risk challenges, and provides
much-needed price transparency to all participants in the
fragmented and inefficient global payments infrastructure.
Based in London, AbbeyCross was founded in 2021. For more
information, please visit www.abbeycross.com.
*“Corpay” in this document primarily refers to the Cross-Border
Division of Corpay, Inc. https://www.corpay.com/cross-border; a
full listing of the companies that are part of Corpay Cross-Border
is available here: https://www.corpay.com/compliance.
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version on businesswire.com: https://www.businesswire.com/news/home/20241001298594/en/
Corpay Contact: Brad Loder Chief Marketing Officer Corpay
Cross-Border Solutions +1 (647) 627-6635 brad.loder@corpay.com
AbbeyCross Contact: Tina Kane The Realization Group
tina.kane@therealizationgroup.com
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