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.
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. The company said the rails would be used across select corridors.
Those additions sit alongside SWIFT, Corpay’s proprietary iACH network and real-time local payment schemes. The new BVNK wallet integration brings that stablecoin functionality closer to customers.
BVNK has become one of the main firms helping payment companies add stablecoin rails. Mastercard agreed in March to buy BVNK for up to $1.8 billion, while Visa teamed up with BVNK earlier this year to support stablecoin funding and payouts through Visa Direct.
