Corpay Cross-Border Joins the AbbeyCross ABX Platform to Provide FX Payments to Emerging Markets
Press Releases
October 01, 2024 8:30 AM
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241001298594/en/
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.
About Corpay
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
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Corpay Contact:
Chief Marketing Officer
Corpay Cross-Border Solutions
+1 (647) 627-6635
brad.loder@corpay.com
AbbeyCross Contact:
tina.kane@therealizationgroup.com
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