Corpay partners with JPMorgan's blockchain for faster FX trades

Corpay Inc. (NYSE: CPAY) announced its Cross-Border business can facilitate client foreign exchange conversions using J.P. Morgan's Kinexys Digital Payments blockchain platform.

The blockchain technology enables Corpay Cross-Border to extend trading hours for clients and provide faster settlement times compared to traditional foreign exchange systems. Settlement times are typically less than 30 seconds, according to the company.

The system allows clients to conduct FX transactions outside normal market hours. In one example, a UK-based client received USD and converted it to GBP after Friday evening market close, with the trade settling within minutes and funds transferred via the UK Faster Payments network.

"Our clients now have access to greatly expanded trading hours, along with incredibly fast settlement times, less than 30 seconds in most cases," said Paul Bregg, Treasurer at Corpay Cross-Border Solutions. He added the technology reduces settlement risk and settlement times between counterparties.

Kinexys Digital Payments operates as a payment system using commercial bank money and functions on a 24/7 basis. The platform has processed more than $1.5 trillion in notional value since inception, averaging over $2 billion daily in transaction volume. Payment transactions have grown 10 times year-over-year.

Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments, said the partnership provides clients access to a continuous FX market and supports working capital management optimization.

Corpay is a corporate payments company that helps businesses manage vehicle-related expenses, travel expenses, and payables. The company is listed on the S&P 500 index.

You May Also Be Interested In

• Corning (GLW) files for up to $2B offering of common shares
• Cronos Group extends cannabis acquisition deadline to October 2026
• Trilogy Metals closes $35.6M investment from U.S. Department of War