By IWEC Partner, Corpay Cross-Border Solutions
In the wake of an unprecedented period for economies and enterprises globally, Corpay Cross-Border Solutions president Mark Frey discusses the challenges businesses face in managing cross-border transactions and currency risk, as well as the opportunities to be gleaned from harnessing digital solutions.
Though the disruption of the past two years has affected businesses’ ability to smoothly move goods and capital across borders, many of the challenges faced are nothing new. Supply chain issues, labour shortages in key areas such as manufacturing and transport industries, along with the burgeoning trade tensions between major economies – all of these problems have been accentuated, rather than created, by Covid-19.
But the pandemic has undoubtedly heightened the need to find solutions to address these business disruptions, and nowhere is this more evident than in the payments space. The past two years have exposed the level to which businesses have become over-reliant on legacy technologies. As a consequence, companies that have failed to adequately pursue digital transformation of their cross-border payments have been left unprepared to deal with the pressures of a fragmented workforce, market and currency uncertainties, and a surge in digital cross-border payments.
While some multinational corporations have a level of financial shielding, not to mention the infrastructure and in-house specialist teams required to help process payments and mitigate risk, many other organisations do not have access to such support systems or in-house expertise. This has even been a problem for some larger enterprises that have a rigid corporate structure and have not been able to modernise in the way that their competitors have.
A growing number of fintech players have increasingly sought to plug these gaps, facilitating the low-cost and easy movement of capital across borders, and enabling smaller enterprises to scale up and digitalise how they address such challenges.
Shift to digital
President of Corpay Cross-Border Solutions Mark Frey believes that while the pandemic has “put a lot of pressure on manual systems and the ability to move money with either banking partners or payment providers that rely on manual processes”, it has also ushered in a major shift toward technology-led solutions and their integration with other financial applications. This is in no small part, due to the unprecedented manner in which working structures themselves have been transformed.
To discuss your cross-border needs please contact Danielle Orcutt, National Account Manager, Corpay (Fleetcor NYSE FLT) +1-929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border
About Corpay
Global businesses trust Corpay Cross-Border to power their international payments, execute plans to manage their currency risk and support their growth around the world. We aim to deliver unmatched service and expertise with respect to moving money globally. Utilizing our proprietary payment automation technology and currency risk mitigation solutions, we take pride in connecting companies large and small with the global financial markets and businesses all over the world.
You can feel confident working with Corpay, as we are backed by our parent company, FLEETCOR Technologies, Inc. (NYSE:FLT) a leading global business payments company based in Atlanta, Georgia, USA. FLEETCOR is a Fortune 1000 firm, an S&P 500 member and has USD $2.8B in annual revenue with a market capitalization of USD $18.2B (as of December 31, 2021).
To learn more contact Danielle Orcutt, National Account Manager, Corpay 929-504-8791 danielle.orcutt@corpay.com https://payments.corpay.com/cross-border