Being a partner of Ripple, Corpay already leverages the RippleNet solution to facilitate its cross-border payment solutions.
Corpay, a business payments company under the FLEETCOR brand and a prominent partner of Ripple, recently announced that its cross-border unit has teamed up with Sunflower Bank, a commercial bank in the United States. The collaboration was disclosed in a recent press release.
#Ripple partner Corpay (fmr Cambridge Global Payments) will provide cross-border payments & foreign currency exchange solutions for Sunflower Bank, N.A. (western US). https://t.co/vZ21LUK0Dv pic.twitter.com/lDdSjxK7Zw
— WrathofKahneman (@WKahneman) May 10, 2023
Through this partnership, Sunflower Bank customers, especially those in the Southwest and Mountain West regions, will have access to Corpay’s cutting-edge solutions for cross-border payments and foreign exchange risk mitigation.
By leveraging Corpay’s acclaimed trading platform, clients of Sunflower Bank can effortlessly manage their global transactions from a centralized access point. This will be particularly advantageous for institutional clients with routine payment requirements due to Corpay’s FX risk management facilities.
Corpay, formerly Cambridge Global Payments, secured a partnership with Ripple as far back as October 2020 to help enhance its cross-border services. Corpay joined RippleNet, Ripple’s global network of banks and payment institutions, to leverage the network to facilitate efficient and cost-effective cross-border payments.
While Corpay leverages RippleNet for its transnational settlements, it is unclear whether Sunflower will also utilize the network due to its recent partnership with Corpay. Regardless, this collaboration between Corpay and Sunflower Bank is expected to bring greater convenience and efficiency to businesses that must transact internationally.
Andrew Heffernan, the VP of Strategic Sales NA at Corpay Cross-Border Solutions, has expressed his enthusiasm for the newly formed partnership, stating that the Corpay team is excited to establish enduring business relationships with Sunflower Bank’s clientele.
Corpay is the latest Ripple partner to expand its cross-border services to more clients recently. Two months back, MFS Africa, another Ripple partner, secured a collaboration with leading financial services company Western Union to allow customers to send and receive money in Africa through their mobile wallets.
As previously reported by The Crypto Basic, Ripple partner SentBe unveiled a payments service in the US in January. These extensions expose RippleNet to a greater adoption rate if the partnerships leverage the network.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.