Corpay Cross-Border Extends Partnership with World Aquatics

Rhea-AI Summary

Corpay Cross-Border has extended its multi-year partnership with World Aquatics as their Official FX Payments Supplier. The agreement builds upon their collaboration since 2022, providing foreign exchange payments and currency risk management solutions to World Aquatics, the global governing body of six aquatic disciplines. The extended partnership will continue to benefit World Aquatics, event hosts, and partners with access to Corpay's innovative global payments solutions. This renewal comes at a strategic time as World Aquatics expands its international events calendar and global presence.

Positive

• Extended multi-year partnership with World Aquatics secures continued revenue stream
• Strategic expansion of services to growing international sports organization
• Reinforced position as Official FX Payments Supplier for major global sporting body

Negative

• None.

Insights

Financial Analyst

The partnership extension between Corpay Cross-Border and World Aquatics represents a strategic continuation of their existing relationship but has minimal direct financial impact on Corpay's bottom line. While this maintains Corpay's position in the sports governance sector, the revenue contribution from World Aquatics' FX transactions is likely marginal relative to Corpay's $25.6B market cap. The agreement primarily provides steady, recurring revenue through transaction fees and FX spreads, though the specific financial terms aren't disclosed.

The real value lies in the potential for Corpay to leverage this high-profile partnership to attract similar international sporting organizations and expand their presence in the sports industry. However, without concrete financial details or volume commitments, this news is more about maintaining existing business relationships than driving significant new growth.

Providing access to currency risk management and cross-border payments solutions

TORONTO--(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 multi-year agreement to extend their successful collaboration with World Aquatics as their Official FX Payments Supplier.

Corpay Cross-Border has provided a range of corporate foreign exchange payments solutions for World Aquatics, the global governing body of six aquatic disciplines – Swimming, Water Polo, Diving, High Diving, Artistic Swimming and Open Water Swimming since 2022. Under this multi-year extension, World Aquatics, along with the global aquatics’ community, event hosts and World Aquatics partners will continue to benefit from access to Corpay Cross-Border’s innovative global payments and currency risk management solutions.

“Over the course of the last three years we have had the privilege to act as the Official FX Payments Supplier for World Aquatics,” said Brad Loder, Chief Marketing Officer, Corpay Cross-Border Solutions. “Our team is honoured by the faith that the World Aquatics team has in us and are incredibly excited about the multi-year renewal of our partnership. We look forward to the opportunity to continue to work alongside World Aquatics, and the broader global aquatics community to help power their global payments and execute their plans to manage their currency risk for many years to come.”

“We are thrilled to extend our partnership with Corpay Cross-Border at this pivotal moment for World Aquatics. With an expanding calendar of international events and an ever-growing global presence, this continued collaboration will further streamline our financial operations,” said Brent Nowicki, World Aquatics Executive Director.

About Corpay

Corpay, Inc. (NYSE: CPAY) is a global S&P500 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 World Aquatics

Driven by the vision of a world united by water for health, life and sport, World Aquatics is the international governing body for aquatic sports. Founded in 1908, World Aquatics is an independent organisation formed of 211 National Federations and five Continental Organisations.

World Aquatics oversees six aquatic sports—swimming, water polo, diving, artistic swimming, open water swimming, and high diving—and is recognised by the International Olympic Committee (IOC) as the leading global authority on these sports.

*“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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118768732/en/

Corpay Contact:

Brad Loder

Chief Marketing Officer

Corpay Cross-Border Solutions

+1 (647) 627-6635

brad.loder@corpay.com

World Aquatics Contact:

Torin Koos

Communication Manager

Tel: +41 21 310 47 10

torin.koos@worldaquatics.com

www.worldaquatics.com

Source: Corpay, Inc.

FAQ

What is the new partnership agreement between Corpay (CPAY) and World Aquatics?

Corpay Cross-Border has signed a multi-year extension agreement with World Aquatics to continue as their Official FX Payments Supplier, providing foreign exchange payments and currency risk management solutions.

When did Corpay (CPAY) initially start working with World Aquatics?

Corpay Cross-Border began its partnership with World Aquatics in 2022, providing corporate foreign exchange payments solutions.

What services will Corpay (CPAY) provide to World Aquatics under the extended agreement?

Under the extended agreement, Corpay will provide access to global payments and currency risk management solutions for World Aquatics, event hosts, and World Aquatics partners.