Corpay Teams With Finzly to Streamline Foreign Exchange Payments

Payments solutions firm Finzly says it has launched a partnership with corporate payments company Corpay.

The collaboration, announced Wednesday (Aug. 14), combines Finzly’s foreign exchange (FX) payment platform and Corpay Cross-Border’s real-time FX rates, giving financial institutions and their business clients access to FX transaction capabilities integrated with many payment rails.

“Businesses that need to send and receive international payments commonly use multiple siloed banking systems to make these transactions,” Finzly said in a news release. “This tends to increase the complexity and the need for manual redundant processing. As a result, these transactions can be error-prone and slow to complete.”

By integrating the two companies’ tech, international payments processing can be more automated, and seamlessly integrated with other domestic accounts and payment rails, the release added, with Finzly’s unified API making it easy to send international payments via Swift.

“Together we are bringing to market a modular FX solution with excellent synergies that allows banks of all sizes to compete with large global banks, provide competitive FX rates and superior customer experience in international payments,” said Booshan Rengachari, Finzly’s founder and chief executive.

“Additionally, real-time FX rates can help financial institutions to manage and mitigate FX risk more effectively.”

Corpay said earlier this month that it was pursuing different projects in different regions as it works to grow its fleet payments business.

During the second quarter, the corporate payments company’s international fleet business performed “exceptionally well,” while its North American fleet business “presented a drag on growth,” Corpay CEO Ron Clarke said during an earnings call last week.

The international fleet segment reached low double-digit growth in both Australia and the United Kingdom, while Brazil saw “extremely strong” revenue growth of 20%, Corpay Chief Financial Officer Tom Panther said during the call.

In all, the company’s vehicle payments segment saw 5% revenue growth during the quarter, compared to a year earlier, according to a Wednesday earnings release.

And in June, the company announced it was acquiring business-to-business cross-border/treasury management firm GPS Capital Markets, a deal that will eventually allow it to process cross-border payments for around 23,000 customers in more than 145 currencies on six continents.

Corpay had called FLEETCOR Technologies until March of this year, when it rebranded to its newer and simpler name. The company later said it was focused on building a “narrower, simpler company that we can manage and compound.”