Corpay Expands Cross-Border Payment Services with Stablecoin Integration

Corpay, a corporate payments company, has partnered with Circle Group to incorporate the use of stablecoins in its cross-border payment services. The partnership will enable the use of US Dollar Coin (USDC) within Corpay's payment infrastructure, granting businesses access to 24/7 settlement times and blockchain technology features. The implementation will involve integrating Circle Mint and associated APIs into Corpay's platform, allowing clients to fund transactions in USDC and facilitating payouts in local currencies in over 80 countries.

Corpay, a leading corporate payments company, has entered into a strategic partnership with Circle Group to integrate stablecoins into its cross-border payment services. This collaboration will enable the use of US Dollar Coin (USDC) within Corpay's payment infrastructure, providing businesses with access to 24/7 settlement times and the benefits of blockchain technology [1].

The implementation will involve integrating Circle Mint and associated APIs into Corpay's platform, allowing clients to fund transactions in USDC and facilitating payouts in local currencies in over 80 countries [1]. Additionally, Corpay is developing a system to allow its commercial card products, such as fleet, purchasing, and travel cards, to access USDC balances directly [1].

Mark Frey, president of Corpay Cross-Border Solutions, stated: "By working with Circle and adding USDC to our funding and disbursement capabilities, we’re giving our clients a new real-time option that complements the payment networks they already trust. This collaboration will unlock programmable controls and 24/7 liquidity without changing the way they transact today" [1].

Kash Razzaghi, Circle's chief business officer, commented: "Working with Corpay represents the next evolution of how businesses move money globally—faster, more transparently, and with the power of blockchain infrastructure. By embedding USDC into Corpay’s robust network, we’re delivering enterprise-grade stablecoin utility across card payments and cross-border FX, all while upholding the compliance and reliability standards that global businesses demand" [1].

This partnership is a significant step forward for Corpay, which recently announced plans to acquire B2B cross-border foreign exchange solutions provider Alpha Group International for an enterprise value of $2.2bn [1]. The addition of Alpha's Corporate FX division, which operates in Europe, Canada, and Australia, is expected to enhance Corpay's current cross-border payment offerings.

The integration of stablecoins into Corpay's payment infrastructure is part of a broader trend in the financial industry to leverage blockchain technology for faster, more transparent, and efficient cross-border payments. This move not only benefits businesses by providing real-time settlement options but also aligns with the growing adoption of stablecoins as a reliable and efficient medium for cross-border transactions.

References:
[1] https://finance.yahoo.com/news/corpay-partners-circle-group-expand-114150112.html
[2] https://www.theglobeandmail.com/investing/markets/stocks/CPAY-N/pressreleases/33885443/corpay-cross-border-using-blockchain-technology-to-facilitate-client-fx-conversions/
[3] https://www.electronicpaymentsinternational.com/news/corpay-circle-group-stablecoin-access/