Corpay Announces New Collaboration with PracBiz

Rhea-AI Summary

Corpay, a leading business payments provider and part of FLEETCOR (NYSE: FLT), has announced a collaboration with PracBiz Pte Ltd to enhance cross-border payments and foreign currency exchange solutions. This partnership will benefit over 4,000 B2B suppliers using the PracBiz Exchange platform across APAC by granting them access to Corpay's innovative payment and currency risk management solutions. David Britten, Managing Director APAC at Corpay, expressed excitement about the partnership, highlighting the potential for businesses to manage their global payments more effectively.

Positive

• Collaboration with PracBiz will provide access to Corpay’s cross-border payments and currency risk management solutions to over 4,000 suppliers.
• Enhances efficiency in managing global payments through a single access point.

Negative

• None.

Collaboration will provide PracBiz Exchange members access to cross-border payments and foreign currency exchange solutions

SINGAPORE--(BUSINESS WIRE)-- Corpay¹, a FLEETCOR® (NYSE: FLT) brand and global leader in business payments, is pleased to announce their new collaboration with PracBiz Pte Ltd. (“PracBiz”), the owner and operator of the B2B Digital Supply Chain Platform, PracBiz Exchange (PBX).

Through this collaboration with PracBiz, over 4,000 B2B suppliers* on the PBX platform located across APAC, will be able to gain access to and utilise Corpay’s innovative solutions to help mitigate foreign exchange exposure for their day-to-day business needs. Additionally, Corpay’s award-winning trading platform will enable PBX members to manage their global payments from a single point of access.

“We’re incredibly excited about our new partnership with PracBiz. I am confident that companies that utilise the PBX platform will benefit from access to Corpay’s comprehensive cross-border payments and currency risk management solutions, along with our high-quality customer service,” says David Britten, Managing Director APAC, Corpay Cross-Border Solutions. “Our team looks forward to helping businesses on the PBX platform power their global payments, execute plans to manage their currency risk and support their growth around the world.”

“PracBiz’s collaboration with Corpay will allow our clients to manage their cross-border business more strategically. In addition to being able to execute their cross-border payments in a more cost effective and efficient manner through Corpay, our clients will also be able to leverage innovative solutions like Cross Border BNPL, made possible because of the rich data available on the PracBiz platform,” said Neo Teck Hoe, Founder and Group CEO of B2B fintech company PracBiz Pte Ltd.

About Corpay
Corpay is a global leader in business payments, helping companies of all sizes better track, manage and pay their expenses. Corpay provides customers with a comprehensive suite of online payment solutions including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the largest commercial issuer of Mastercard in North America, Corpay handles over a billion transactions each year. Corpay is part of the FLEETCOR (NYSE: FLT) portfolio of brands. To learn more visit www.corpay.com.

About PracBiz
PracBiz is a regional B2B fintech company that leverages its B2B digital transaction management platform “PBX” to offer its more than 4,000 active subscribers trade financing, business analytics, AI tools, and digital payment solutions to improve their productivity and cashflow. PracBiz processes in excess of 40,000 transactions daily, and through continually offering innovative digital and AI solutions, has been able to reduce the operating costs and increase the business capacity of their impressive list of subscribers, mostly in the F&B, FMCG and pharmaceutical space. To learn more visit www.pracbiz.com.

¹ “Corpay” (a Fleetcor (NYSE: FLT) brand) in this document primarily refers to the Cross-Border Division of Corpay https://payments.corpay.com/cross-border; a full listing of the companies that are part of the Corpay brand is available here: https://payments.corpay.com/compliance.

* Subject to credit and compliance approval from the relevant Corpay company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220620005007/en/

Corpay:

Brad Loder

VP, Cross-Border Marketing

(647) 627-6635

brad.loder@corpay.com

PracBiz:

Gregory Chia

Head, Strategic Alliance

+65 6950 1172

gregchia@pracbiz.com

Source: Corpay

FAQ

What is the significance of the Corpay and PracBiz collaboration for FLT stockholders?

The collaboration expands Corpay's market reach and enhances service offerings, potentially driving future revenue growth for FLEETCOR (NYSE: FLT).

How will the partnership affect B2B suppliers on the PBX platform?

Over 4,000 B2B suppliers will benefit from improved access to cross-border payments and currency risk management solutions, enhancing their operational efficiency.

When was the Corpay and PracBiz partnership announced?

The partnership was announced in a press release dated June 20, 2022.

What services will Corpay provide through this partnership?

Corpay will provide cross-border payment solutions and currency risk management to users of the PracBiz Exchange platform.