Cross-border financial transactions using blockchain technology streamlined for client foreign exchange conversions by Corpay
Corpay Cross-Border Taps J.P. Morgan's Kinexys Digital Payments for Faster Foreign Exchange Transactions
In a significant move towards modernising cross-border payments, Paul Bregg, Treasurer of Corpay Cross-Border Solutions, has expressed excitement about the technology provided by J.P. Morgan's Kinexys Digital Payments blockchain. This innovative solution is revolutionising foreign exchange (FX) conversions for Corpay's Cross-Border business.
The recent use case involved a UK-based Corpay Cross-Border client who received USD and executed an FX trade to convert and pay to their GBP account in the UK, after the market close on a Friday evening. Thanks to Kinexys Digital Payments, the trade settled within minutes, demonstrating the platform's potential to transform traditional payment systems.
Kinexys Digital Payments offers several key features that underpin its efficiency. It enables near real-time value transfers using commercial bank money on a programmable, 24/7 blockchain payment rail. This allows Corpay to execute client FX conversions more efficiently, reducing settlement times compared to traditional payment systems.
The platform also supports automation and programmability, providing tailored control over payments and FX conversions. This enhances operational efficiency and treasury control, making Corpay's Cross-Border business more agile and responsive to client needs.
Kinexys Digital Payments operates on a permissioned blockchain built on a fork of Ethereum, ensuring secure, commercial bank money-based transactions that reduce settlement risk and costs while maintaining traditional financial security standards.
One of the most significant advantages of Kinexys Digital Payments is its 24/7 availability. Unlike conventional banking hours, Kinexys operates continuously, facilitating faster FX conversions without time-of-day restrictions. This feature allows Corpay to extend their trading hours for their global client base, enabling clients to benefit from extended trading hours and immediate settlement of transactions.
Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments, has expressed support for Corpay and their clients, stating that the technology is empowering new business flows and optimising working capital management. He further added that Kinexys Digital Payments is helping to redefine business processes for treasurers.
Corpay, Inc., a global leader in corporate payments, is leveraging this technology to facilitate client foreign exchange conversions more efficiently. Settlement times for Corpay Cross-Border clients are now less than 30 seconds in most cases, a significant improvement over traditional payment systems.
In conclusion, Kinexys Digital Payments is providing Corpay Cross-Border with a powerful tool to streamline their cross-border FX transactions. By offering near real-time value transfers, automation, programmability, and 24/7 availability, Kinexys Digital Payments is helping Corpay Cross-Border to provide speed of settlement not possible on traditional fiat FX rails without a significant lockup of liquidity. This partnership is a step forward in the future of cross-border payments and treasury management.
- The partnership between Corpay Cross-Border and J.P. Morgan's Kinexys Digital Payments, built on blockchain technology, is revolutionizing finance by enabling near real-time value transfers, reducing settlement times for foreign exchange transactions.
- By providing a 24/7 blockchain payment rail, Kinexys Digital Payments is empowering Corpay Cross-Border to extend trading hours for their global clients, offering speed of settlement not achievable on traditional fiat foreign exchange rails without significant liquidity lockup.
