What comes next for Corpay Multi-Currency Accounts
We introduced our Multi-Currency Accounts globally in February 2025, but that is just the beginning. Many of our clients and partners who are using the Accounts, and our Product, Sales, and Client Service teams, are seeing new applications and new possibilities.
This next article will give you a look into where we might go from here.
Network expansion
We have recognized that local connectivity is a super attractive part of this capability. We’re working toward enabling more local connectivity for other major currencies, and in other time zones as well.
At the top of our list are Canadian dollars domiciled in Canada, Singapore dollars in Singapore, Aussie dollars in Australia, and support US dollar accounts domiciled within APAC.
That last is important because if you have a global business and you're managing US dollar or European cash flows, you’ll want to be able to send and receive payments in Asia Pacific without having to wait until the banking systems open up the next business day.
Foreign Currency Accounts to support eCommerce
One of our next use cases is eCommerce.
Let's say you're an Amazon seller, selling to various jurisdictions around the world.
Amazon will only settle to a bank account where the beneficiary name on that account is the business name—your name. They won't send it to an account held on your behalf at Corpay, or at another payments provider. It has to be an account in your company’s name, like our MCA.
We want to connect our MCAs to the Amazon marketplace and other such marketplaces so that in any jurisdiction where you do business, where you're selling in the local economy and getting paid in local currency, we can collect those funds on your behalf and then you can manage that liquidity however you want to: convert it to US dollars, euros, pounds, whatever the case may be.
You can also use that account to make payments to your sellers or to your marketplace affiliates; whatever it is that you want to do in terms of managing those funds.
Using the MCA like a regular checking account
Many of our customers have credit facilities or settlement facilities for both FX trading and payment settlement that are connected to their Corpay accounts. You could temporarily withdraw from your account based on the credit facility and settle with the incoming funds. That provides you with additional protection and flexibility.
Also, in the UK and Europe we are directly connected to the local schemes, making us the ‘financial institution of record.’ What that means is that Corpay is effectively the provider in all the other currencies. In the United States, for instance, JP Morgan would be the bank and Corpay, effectively, the correspondent.
Beneficiary banking verification
Let’s imagine you're paying a new company that you've never paid before, and they've given you partial instructions—or you may think those instructions are not a hundred percent correct. There's a tool, a widget in our platform for new beneficiary templates, that effectively checks the IBAN information that you've provided.
If you are sending a payment to Europe and have the IBAN and the beneficiary's name, our system will populate all of the other details. It'll populate the SWIFT code, the bank address, the routing information, everything that you need to make that payment.
If you have partial information or information that you've received from an unreliable vendor, you can validate that that payment instruction is correct. If it is correct, the payment will likely be processed exception free.
Real-time payments
We support real-time payments, truly real-time, instantaneous payments, in 10 different corridors, mostly in the developing world, in India, Indonesia, Malaysia, a handful of other jurisdictions. We support that today via a partner, and we are aiming to grow that payment capability and that rail connectivity across our organization. We can support fiat-to-crypto transactions as well.
Reporting obligations
With MCAs, you have the same reporting obligation as with any correspondent account, as If we are providing a ‘correspondent account,’ if you will, to your bank.
If you came to us and said you would like Corpay to clear all your Euro payments, we're providing an account to you in just the same way that Barclays would. So your reporting obligations are still owned by you, and as the correspondent I own my reporting obligations for each of those transactions as well.
Instant transactions within the Corpay network
We also support instant transactions between customers on our network that have accounts enabled on the system. You can think of this as a kind of interbank credit memo.
So if you're a US Bank customer and one of your customers or one of your partners is a US Bank customer, you can make a credit memo transaction to debit your account and credit theirs almost instantaneously. We can do the exact same thing in our system: it doesn't flow across the ACH network or the SWIFT network.
MCAs for Financial Institutions
Here is another use case that is becoming more prevalent: many of our financial institution customers are coming to us and looking for the MCA and direct connectivity capability.
Smaller banks in the United States that want to have direct connectivity and access to be able to clear foreign currency payments are leveraging Corpay’s Mult-Currency Accounts as correspondent accounts, but we are seeing many southern hemisphere banks as well.
Banks in Latin America and Africa that need the ability to clear US dollars to the northern hemisphere are coming to us to access the US-domiciled JP Morgan account to clear US dollar transactions.
And to sum up: If you're a customer of Corpay, then you have access to these accounts. And access to all the tools and services Corpay provides.
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