Finzly, a forefront innovator in payment and financial solutions, has entered into a strategic collaboration with Corpay Cross-Border, a NYSE-listed global leader in corporate payments.
This partnership leverages both companies’ strengths to enhance foreign exchange (FX) offerings to financial institutions globally.
The primary aim of this partnership is to empower financial institutions with advanced FX capabilities by integrating real-time FX rates and comprehensive market access, thereby streamlining international payment processes and enhancing competitive edge in global financial markets.
Finzly excels in providing state-of-the-art banking solutions through FinzlyOS, its modern, cloud-based, API-enabled platform. It offers various services including multi-rail payments for ACH and wires, instant payments on FedNow and RTP, foreign exchange, trade finance, compliance, and digital commercial banking experiences.
Conversely, Corpay specializes in corporate payments, offering tailored solutions that manage and streamline payment processes across diverse international markets, ensuring efficient transaction handling and currency conversion.
By combining Finzly’s FX payment platform with Corpay’s real-time FX rates, the collaboration introduces a unified solution that covers over 200 international markets. This integration promises to simplify the typically complex and error-prone process of managing international payments through traditional banking systems.
The partnership is set to remove the barriers of multiple siloed banking systems which businesses often navigate to conduct international transactions. This integrated approach is expected to reduce manual redundant processing, mitigate FX risk, and improve transaction speed and reliability through automated processing and seamless integration with other domestic accounts and payment rails.
Corpay’s Chief Marketing Officer, Brad Loder, expressed enthusiasm about the collaboration, stating, “We are thrilled to partner with Finzly to empower financial institutions and their clients with seamless access to real-time FX rates, spanning over 200 international markets, and automated processing capabilities. These advancements are responsive to the growing complexity of cross-border transactions, setting us apart with real-time rates and extensive global reach.”
Finzly’s Founder and CEO, Booshan Rengachari, highlighted the benefits of the partnership, “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. Additionally, real-time FX rates can help financial institutions to manage and mitigate FX risk more effectively.”
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