Corpay, Inc. 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.
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.
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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.”
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