With this collaboration, Sunflower Bank’s clients and their companies will be able to use Corpay’s cross-border solutions to help mitigate foreign exchange (FX) exposure and manage their global payments from a single platform, the companies said in a Tuesday (May 9) press release.
“We are excited to partner with Corpay and bring their extensive global payments knowledge and expertise to our Sunflower Bank clients,” Sunflower Bank Senior Vice President and Treasury Management Director Layne Nunes said in the release. “During our beta phase with Corpay it was quite evident that our clients enjoyed working with their team, closed their transactions as planned and had positive experiences.”
It has bank locations in five states and mortgage capabilities in more than 40 states, with its customer base located predominantly in the Southwest and Mountain West regions of the United States, the release said.
“The team at Corpay is excited to build long-term business partnerships with customers and power their international payments, execute plans to manage their currency risk and support their growth internationally,” Andrew Heffernan, vice president of strategic sales, North America, at Corpay Cross-Border Solutions, said in the release.
PYMNTS research has found that navigating cross-border payment complexity is a leading limitation to growth for 27% of small and medium-sized businesses (SMBs).
Understanding this growing demand, most financial institutions do offer business customers an array of digital tools to facilitate international payments, but many are also aware that their solutions could be more effective at addressing payment friction for the businesses they serve, according to the “B2B Cross-Border Payments Tracker®,” a PYMNTS and American Express collaboration.
The report also found that third-party solutions may be the simplest and most effective way to handle cross-border payment frictions.
The announcement of this collaboration comes a day after Standard Chartered and Tazapay announced they are now facilitating business-to-business (B2B) cross-border payments for eCommerce merchants and marketplaces.
This expanded partnership brings together Standard Chartered’s capabilities as an international banking group and Tazapay’s global payments platform.