Account Structure: Reducing compliance and regulatory friction
In this article, we’ll talk about some additional advantages of our Multi-Currency Accounts.
It’s a named account
One key advantage is that these accounts are actually accounts in your company's name, not in Corpay's name.
Corpay is the financial institution of record. But you, as the customer, are the Beneficial Owner of that account.
So when your vendor or your customer sends a payment to you, they're sending it to your business, with your business as the beneficiary name, not Corpay on your behalf. It comes in with your full remittance detail and you can identify exactly where that payment is coming from.
Accordingly, it's also a fully segregated account: only your funds are flowing in and out of that account. And it's available on our platform.
Opening your Named Multi-Currency Account
If you are a customer of Corpay, you can log in to our secure platform where you are already authenticated as a user. You can request to open an account in another currency and that account will be open that same day.
Your existing documentation—everything you provided to open your Corpay account— is all you need to justify the opening of that net new transactional multi-currency account, irrespective of the jurisdiction in which it's going to be, be it a pound account or a dirham account or an Aussie dollar account. There is no incremental documentation, no foreign language paperwork, no wet signatures, no additional KYC.
Why this is so important
Even if you're already banking with JP Morgan or Bank of America in the United States, and you're a big customer and they value your business a great deal, when you then attempt to open a Euro account with JP Morgan or Bank of America in Frankfurt, the Frankfurt branch of Bank of America has no recognition of who you are. You’ll have to go through the same process as a new customer: the KYC, the paperwork, the background and credit checks, and the regulatory requirements in that country.
One platform; one point of access
Another key benefit is that we have one platform, one point of access, one set of KYC documents that enable 25 different currency accounts, and you can send and receive payments in each of these 25 currencies all around the world.
Not only does this significantly simplify the process of opening these accounts, but It also simplifies the process of maintaining and administering them thereafter, monitoring the flow of funds of funds, money coming in and money going out as well.
We leverage our relationships with our key banking partners to support the technology, where we become the ‘financial institution’ in certain markets based on our regulatory permissions.
Our accounts based in London are supported by Barclay's Bank. Our accounts in the United States are supported by JP Morgan.
Click here to read the previous article in the series.
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