Mastercard and Corpay have expanded their alliance, aiming to enhance corporate cross-border payment solutions available to financial institutions and their customers.
This collaboration simplifies access to payment choices, including both carded and non-carded options suitable for all transaction sizes.
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Under the new agreement, Mastercard will invest $300m for a nearly 3% equity stake in Corpay’s cross-border business, valuing the unit at $10.7bn.
Corpay will become the “exclusive” provider of currency risk management and integrated large-ticket cross-border payment solutions to Mastercard’s financial institution customers.
Furthermore, the partnership will see an extension of their virtual card collaboration, with Corpay exclusively offering Mastercard virtual card programmes to its clientele.
Mastercard’s Move service, which focuses on disbursements and remittances for small-ticket transactions, will now be available to small and mid-sized businesses across new markets, including existing Corpay customers.
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By GlobalDataCorpay’s Cross-Border business provides services to banks, institutional investors, and businesses to mitigate foreign exchange exposure.
Mastercard chief commercial payments officer Raj Seshadri said: “This represents the natural extension of our commercial cross-border solutions. Our work with Corpay expands our reach into the large and growing cross-border B2B payments space helping our financial institution partners deliver on the non-carded needs of their commercial customers, simply and efficiently.”
Corpay CEO and chairman Ron Clarke stated: “We’re incredibly excited about this investment and new partnership with Mastercard. We expect Mastercard’s sponsorship of our cross-border solutions will accelerate our financial institution revenue build.”
The payments platform and network of Corpay enable the processing of large ticket and mass payments in over 160 currencies globally.
Mastercard Move’s cross-border services extend reach to more than 10 billion end points in over 200 countries, supporting delivery channels and payment types.
Recently, Mastercard introduced new global stablecoin acceptance and payment capabilities, ensuring that individuals and businesses can carry out stablecoin transactions “anytime” and “anywhere”.
