Corpay Renews FX Payments Pact With World Aquatics

Corpay is extending a payments partnership with international aquatic sports governing body World Aquatics.

The agreement will see Corpay’s cross-border business continue to serve as World Aquatics’ official foreign exchange (FX) payments supplier, according to a Monday (Nov. 18) press release.

“Over the course of the last three years, we have had the privilege to act as the official FX payments supplier for World Aquatics,” Corpay Cross-Border Solutions Chief Marketing Officer Brad Loder said in the release. “Our team is honored by the faith that the World Aquatics team has in us and are incredibly excited about the multiyear renewal of our partnership. We look forward to the opportunity to continue to work alongside World Aquatics, and the broader global aquatics community to help power their global payments and execute their plans to manage their currency risk for many years to come.”

Corpay Cross-Border began working with World Aquatics in 2022, per the release. The organization oversees six aquatic sports disciplines: swimming, diving, high diving, artistic swimming, open water swimming and water polo.

The renewal follows a partnership announced last month between Corpay and FX marketplace AbbeyCross, designed to provide FX payment services to emerging markets via the new AbbeyCross ABX platform. Corpay Cross-Border was among the first nonbank providers of global payments to join the platform.

In other news from the world of cross-border payments, PYMNTS examined the challenges facing chief financial officers and treasurers last month in an interview with Chandana Thanthrige of Bank of America.

The regulatory environment plays a part in shaping cross-border payment strategies, he said. For example, nations within the Asia-Pacific region have imposed currency restrictions, while inbound payment flows are less restricted, partially because of the strength of export markets and eCommerce activities.

The trick to managing regulatory complexity is grasping the unique workflows found in each market, and then creating processes that balance compliance and efficiency, he said. Although geopolitical instability and supply chain disruptions remain prevalent, cross-border payments in the eCommerce sector and for smaller value transactions continue to show resilience.

“Yes, there are difficulties, but people still want to grow their businesses,” Thanthrige said.