A recent press release revealed that Corpay, a business payments company and a partner of Ripple under the FLEETCOR brand, has partnered with Sunflower Bank, a commercial bank in the United States, through its cross-border unit.
The collaboration between Corpay and Sunflower Bank will enable customers of the latter, particularly those residing in the Southwest and Mountain West regions, to benefit from Corpay’s advanced cross-border payment solutions and services for managing foreign exchange risks.
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Sunflower Bank to Enjoy Global Transaction Benefit
Sunflower Bank customers will be able to use Corpay’s trading platform to manage their global transactions from a single access point as part of the partnership. Corpay’s foreign exchange (FX) risk management tools will be especially beneficial for institutional clients with regular payment needs.
In October 2020, Corpay (previously known as Cambridge Global Payments) entered a partnership with Ripple aimed at improving its cross-border payment services. As part of the collaboration, Corpay became a member of RippleNet, a global network of banks and payment providers, to take advantage of its infrastructure in facilitating cost-effective and efficient cross-border transactions.
It is uncertain if Sunflower Bank will also use RippleNet as Corpay does for its cross-border transactions. Nonetheless, the partnership between the two companies is anticipated to offer improved convenience and effectiveness for businesses that engage in international transactions.
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Andrew Heffernan, the VP of Strategic Sales NA at Corpay Cross-Border Solutions, has expressed his excitement for the partnership with Sunflower Bank, stating that Corpay is looking forward to building long-term business relationships with Sunflower Bank’s clients. Corpay is the latest partner of Ripple to expand its cross-border services to more clients.
Collaborations Aren’t Ending Anytime Soon
For instance, two months ago, MFS Africa, another Ripple partner, entered a collaboration with Western Union to enable customers to send and receive money in Africa through their mobile wallets.
As previously reported, SentBe, a Ripple partner, introduced a payments service in the United States in January. These collaborations increase the potential adoption of RippleNet if the partners utilize the network.