Corpay taps BVNK to bring stablecoin wallets to corporate payments Corpay will use stablecoin rails in its treasury operations to improve capital efficiency, reduce reliance on pre-funded accounts, and move funds across its global footprint.
What to know: – Corpay partnered with BVNK to add stablecoin wallets & settlement for global customers, allowing cross-border money movement outside traditional banking hours. – Corpay will use stablecoin rails in its treasury operations to improve capital efficiency, reduce reliance on pre-funded accounts, and move funds across its global footprint. – Stablecoins are a growing operational use case for payment firms’ treasury & cross-border settlement
BVNK is a key player, partnering with Visa & bought by Mastercard. Payments firm Corpay (CPAY) add stablecoin wallets and settlement capabilities for its global corporate customers alongside BVNK to give companies another way to move money across borders outside traditional banking hours. Teaming up with BVNK will allow Corpay clients to see stablecoin balances alongside fiat balances inside its platform, while allowing them to send, receive, store and convert stablecoins through embedded wallets.
Corpay said it will use the same stablecoin rails in its treasury operations. It expects to reduce reliance on pre-funded accounts, improve capital efficiency and make it easier to move funds across its global footprint doing so. The firm has also added blockchain-based settlement to its cross-border payments platform through JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin infrastructure.