Corpay Cross-Border Joins the AbbeyCross ABX Platform to Provide FX Payments to Emerging Markets
Corpay's Cross-Border business has partnered with AbbeyCross to provide FX Payments services to Emerging Markets through the ABX Platform. As one of the first non-bank providers to join, Corpay Cross-Border will offer competitive Emerging Markets foreign exchange rates and access to its global network and innovative payment solutions.
Corpay Cross-Border handles payments to 200 countries in 145+ currencies, including over 100 exotic currencies. The ABX Platform connects banks and non-bank Financial Institutions, enabling transparent and competitive rates from multiple providers. This partnership aims to enhance FX payments capabilities, improve market access, and bring transparency to emerging market payments.
Il business Cross-Border di Corpay ha fatto partnership con AbbeyCross per fornire servizi di pagamenti in valuta estera ai mercati emergenti attraverso la piattaforma ABX. Essendo uno dei primi fornitori non bancari a unirsi, Corpay Cross-Border offrirà tassi di cambio competitivi per le valute dei mercati emergenti e accesso alla sua rete globale e soluzioni di pagamento innovative.
Corpay Cross-Border gestisce pagamenti in 200 paesi in oltre 145 valute, incluse oltre 100 valute esotiche. La piattaforma ABX collega banche e istituzioni finanziarie non bancarie, consentendo tariffe trasparenti e competitive da più fornitori. Questa partnership mira a migliorare le capacità di pagamento in valuta estera, migliorare l'accesso al mercato e portare trasparenza ai pagamenti nei mercati emergenti.
El negocio Cross-Border de Corpay se ha asociado con AbbeyCross para proporcionar servicios de pagos en divisas a los mercados emergentes a través de la plataforma ABX. Como uno de los primeros proveedores no bancarios en unirse, Corpay Cross-Border ofrecerá tasas de cambio competitivas para los mercados emergentes y acceso a su red global y soluciones de pago innovadoras.
Corpay Cross-Border maneja pagos a 200 países en más de 145 monedas, incluyendo más de 100 monedas exóticas. La plataforma ABX conecta bancos e instituciones financieras no bancarias, lo que permite tarifas transparentes y competitivas de múltiples proveedores. Esta asociación tiene como objetivo mejorar las capacidades de pagos en divisas, mejorar el acceso al mercado y aportar transparencia a los pagos de los mercados emergentes.
Corpay의 다운 경계 비즈니스는 AbbeyCross와 파트너십을 맺었습니다 비즈니스 거래를 통해 ABX 플랫폼을 사용하여 신흥 시장에 FX 결제 서비스를 제공하고 있습니다. 비은행 제공업체로는 처음으로 합류한 Corpay Cross-Border는 신흥 시장의 경쟁력 있는 외환 환율을 제공하고 있으며, 글로벌 네트워크와 혁신적인 결제 솔루션에 대한 접근을 제공합니다.
Corpay Cross-Border는 145개 이상의 통화로 200개국으로의 결제를 처리하며, 100개 이상의 이국적인 통화를 포함하고 있습니다. ABX 플랫폼은 은행과 비은행 금융 기관을 연결하고, 여러 제공업체의 투명하고 경쟁력 있는 요금을 가능하게 합니다. 이번 파트너십은 FX 결제 기능을 강화하고, 시장 접근성을 개선하며, 신흥 시장의 결제 투명성을 높이는 것을 목표로 하고 있습니다.
Le secteur Cross-Border de Corpay s'est associé à AbbeyCross pour fournir des services de paiements en devises aux marchés émergents via la plateforme ABX. En tant que l'un des premiers fournisseurs non bancaires à rejoindre, Corpay Cross-Border proposera des taux de change compétitifs pour les marchés émergents et un accès à son réseau mondial et à des solutions de paiement innovantes.
Corpay Cross-Border gère des paiements vers 200 pays dans plus de 145 devises, y compris plus de 100 devises exotiques. La plateforme ABX connecte les banques et les institutions financières non bancaires, permettant de proposer des tarifs transparents et compétitifs de plusieurs fournisseurs. Ce partenariat a pour objectif d'améliorer les capacités de paiements en devises, d'améliorer l'accès au marché et d'apporter de la transparence aux paiements sur les marchés émergents.
Corpay's Cross-Border-Geschäft hat sich mit AbbeyCross zusammengeschlossen, um FX-Zahlungsdienste für aufstrebende Märkte über die ABX-Plattform anzubieten. Als einer der ersten nicht-bancaren Anbieter, der beigetreten ist, wird Corpay Cross-Border wettbewerbsfähige Wechselkurse für aufstrebende Märkte anbieten und Zugang zu seinem globalen Netzwerk und innovativen Zahlungs Lösungen bieten.
Corpay Cross-Border wickelt Zahlungen in 200 Länder in über 145 Währungen ab, darunter über 100 exotische Währungen. Die ABX-Plattform verbindet Banken und nicht-bancare Finanzinstitute, was transparente und wettbewerbsfähige Tarife von mehreren Anbietern ermöglicht. Diese Partnerschaft zielt darauf ab, die FX-Zahlungsfähigkeiten zu verbessern, den Marktzugang zu erhöhen und Transparenz bei Zahlungen in aufstrebenden Märkten zu schaffen.
- Expansion into emerging markets through partnership with AbbeyCross
- Access to a wider customer base through the ABX Platform
- Potential for increased revenue from competitive FX rates and efficient payment solutions
- Enhanced visibility and competitiveness in the global payments market
- None.
Insights
Corpay Cross-Border's strategic partnership with AbbeyCross to provide FX payments services to emerging markets via the ABX Platform is a positive development for the company. This collaboration enhances Corpay's market reach and service offerings in the rapidly growing emerging markets sector.
Key points to consider:
- Corpay gains access to a wider network of potential customers through the ABX Platform.
- The partnership leverages Corpay's extensive global network and expertise in emerging markets FX.
- It potentially increases Corpay's competitive edge by offering more transparent and efficient FX payment solutions.
- The move aligns with the growing trend of financial technology collaborations to improve cross-border payment infrastructure.
While the immediate financial impact is not quantified, this strategic move positions Corpay well for long-term growth in the lucrative emerging markets segment. Investors should monitor for future updates on transaction volumes and revenue growth resulting from this partnership.
The partnership between Corpay Cross-Border and AbbeyCross is significant for several reasons:
- It addresses the growing demand for efficient and transparent FX payments in emerging markets, which are experiencing rapid economic growth.
- The ABX Platform's model of providing access to multiple FX rates and settlement options aligns with the increasing trend towards "best execution" and market transparency in financial services.
- This collaboration could potentially disrupt traditional cross-border payment models by offering more competitive rates and improved service options.
For investors, this move signals Corpay's proactive approach to expanding its market share in the global payments industry. The partnership may lead to increased transaction volumes and revenue streams from emerging markets, which could positively impact Corpay's financial performance in the medium to long term. However, concrete financial projections would be needed to fully assess the impact on Corpay's valuation.
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
*“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/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
Source: Corpay, Inc.
FAQ
What is the new partnership between Corpay Cross-Border and AbbeyCross?
How many countries and currencies does Corpay Cross-Border (CPAY) support?
What benefits does the ABX Platform offer to Corpay Cross-Border (CPAY) and its clients?
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