News

Corpay integrates multi-currency accounts in its cross-border solution

Friday 14 February 2025 09:45 CET | News

Corpay, a corporate payments provider, has introduced multi-currency accounts in its cross-border business.

 

This enables businesses to expand their global footprint while benefiting from convenient foreign and local currency management, all in one point of access.

Corpay launches multi-currency accounts

Helping businesses to expand globally

Businesses that are expanding into new markets and engage with customers globally often encounter challenges when navigating transactions in foreign currencies. The process of opening and managing a foreign bank account can be complex because of language barriers and rates and fees that can be neither transparent nor predictable.

Corpay aims to tackle these challenges with its new service, which is designed to offer users flexibility and transparency. The process of becoming a Corpay customer and setting up a multi-currency account is simple and straightforward. Once onboarded, business owners can receive and pay out various foreign currencies though dedicated accounts in their own names.

A unique account is assigned for each currency the account holder trades. This simplifies the transactions and lowers the risks associated with global trade for businesses, customers, and suppliers.

Corpay’s program completed a pilot phase and was a collaborative effort with current clients. Adjustments were made based on their feedback, highlighting the company’s mission to provide customer-centric solutions. The official launch of the product includes 12 currencies, together with major traded currencies across the globe.

The company aims to further develop solutions that transcend borders and allow for international operations. After the development and integration of customers’ suggestions and feedback, the centralised account solution caters to the needs of businesses looking to expand across diverse jurisdictions and currencies.

Features of Corpay’s multi-currency accounts

The solution simplifies currency exchanges by minimising unnecessary conversions, as user can make transactions in local currencies. The accounting tasks are also simplified with Corpay’s single access point for managing all accounts, easily recognisable with unique account identifiers.

The solution provides global communication, multi-currency management, and reporting and reconciliation 24/7 though the online platform.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, payments , cross-border payments, expansion, transactions
Categories: Payments & Commerce
Companies: Corpay
Countries: World
This article is part of category

Payments & Commerce

Corpay

|
Discover all the Company news on Corpay and other articles related to Corpay in The Paypers News, Reports, and insights on the payments and fintech industry: