Corpay, a Fleetcor brand and provider of business payments, has announced that Corpay's Cross-Border business has entered into an agreement with the World Baseball Softball Confederation (WBSC) to become WBSC's official global FX (foreign currency exchange) payments provider. Now, WBSC will have access to all of Corpay Cross-Border’s cross-border payments and currency risk management solutions.
WBSC members located around the globe, along with the broader WBSC ecosystem of corporate business partners, will be able to gain access to and utilise Corpay’s innovative solutions to help mitigate their foreign exchange exposure.
Corpay Cross-Border's award-winning platform will enable eligible companies to manage their global payments from a single point of access.
Corpay is a global leader in business payments, helping companies of all sizes better track, manage and pay their expenses. It provides customers with a comprehensive suite of online payment solutions, including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs.
Among these, Corpay's Cross-Border Payments solution combines the power and capabilities of a large financial institution with the agility of a fintech. It streamlines cross-border payments, manages currency risk, and sends automated invoices.
The company's highly secure platform includes robust encryption, dual-factor authentication, built-in anti-money laundering (AML), and anti-fraud measures to augment a client's existing risk reduction measures.
By integrating the platform directly into existing systems or ERP platforms, Corpay's online trading platform will save time and provide payment transparency.
The platform is highly scalable, which allows clients to focus on services and add capabilities and value-added solutions as the business grows and evolves.
Corpay's Cross-Border solution has a tool called Intercompany Netting to control a client's currency risk. It is designed to assist the FX settlement of internal invoices among subsidiaries by summarising net results, helping to consolidate data and free up internal resources.
Another tool, called Balance Sheet Hedging, is designed to reduce the FX volatility and provide some certainty on the profit margins by giving a consolidated view of exposures and calculating value at risk.
“Corpay Cross-Border is excited about our new partnership with the WBSC and being named their official Global FX Payments Provider,” says Brad Loder, Vice-President Cross-Border Marketing at Corpay Cross-Border Solutions.
“I am confident that the WBSC, their members and network of corporate business partners will benefit from access to our comprehensive cross-border payments and FX risk management solutions, along with our payments experience gained within the world of sports. Our team looks forward to helping them power their global payments and execute their plans to manage their currency risk for many years to come.”
Riccardo Fraccari, President of WBSC, adds, “I’m very proud and excited about this partnership with Corpay, which is another important milestone for the WBSC with organisational excellence a key part of our strategic goals.”
“The WBSC and its members are facing increased financial uncertainty and volatility, and the services provided by Corpay will help us further improve efficiency and stability with foreign currency transactions in today’s current complicated financial world.”
Headquartered in Pully, Switzerland, WBSC is the world governing body for baseball and softball. The WBSC boasts 185 member federations, eight provisional members, and 14 Associate Members in 137 countries and territories across Asia, Africa, the Americas, Europe, and Oceania. The organisation represents a united baseball/softball sports movement encompassing over 65 million athletes and attracts approximately 150 million fans to stadiums worldwide annually.