Corpay Introduces Multi-Currency Accounts to Help Businesses Manage Cross-Border Payments

Corporate payments company Corpay’s Cross-Border business has launched a new solution that enables companies to receive and pay out foreign currencies with an account in their name.

The new Multi-Currency Accounts enables businesses to manage local and foreign currencies in a single point of access, the company said in a Wednesday (Feb. 12) press release.

“After meticulous development that integrates our customers’ feedback and industry insights, our centralized account solution caters to the needs of businesses engaging in overseas markets across diverse jurisdictions and currencies,” Tim Watson, chief product and digital innovation officer at Corpay Cross-Border Solutions, said in the release.

Multi-Currency Accounts eliminates the need for businesses to open and manage foreign bank accounts, according to the release.

With this solution, businesses complete an onboarding process to become a Corpay customer and set up a Multi-Currency Account, are assigned a unique account for each currency they trade, and then receive and pay out foreign currencies through these dedicated accounts that are in their own names, the release said.

At launch, Multi-Currency Accounts manages 12 currencies, per the release.

Cross-border payments are undergoing a revolution in which cutting-edge payment solutions are providing a range of benefits to chief financial officers and corporate treasurers, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”

The report found that the benefits of these solutions include simpler payment execution, streamlined compliance, and improved management of cash flow and liquidity.

Corpay reported Feb. 5 that revenue for its cross-border payments segment jumped 20% year-over-year, driven by 40% sales growth in the fourth quarter.

The company is aggressively expanding its cross-border solutions, leveraging a proprietary network that allows it to compete effectively with banks.

“We primarily compete with banks, which control over 90% of international payment flows,” Corpay CEO Ron Clarke said during the company’s quarterly earnings call. “But our superior technology and proprietary network give us a strong edge in this market.”

Corpay said Feb. 3 that it plans to acquire Brazil-based vehicle registration and compliance payment company Gringo to expand its position in the “car debts” category, and said Dec. 2 that it completed its acquisition of B2B cross-border solutions provider GPS Capital Markets to expand its corporate payments business.