Mastercard partners with Corpay to expand cross-border payment capabilities - Trade Treasury Payments

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Mastercard partners with Corpay to expand cross-border payment capabilities

Mastercard has announced a $300 million minority investment in the cross-border business of Corpay, a payments company. The investment values Corpay’s cross-border unit at $10.7 billion and makes the company Mastercard’s provider of large-ticket, non-carded cross-border payment services for financial institution clients.

The transaction, which is still subject to customary regulatory approvals, is intended to enhance the cross-border solutions available to Mastercard’s bank partners and their corporate customers. As global B2B payment volumes continue to grow, the agreement could help improve access to end-to-end international payment tools across both carded and non-carded options.

Raj Seshadri, chief commercial payments officer, Mastercard, said, “This represents the natural extension of our commercial cross-border solutions. Our work with Corpay expands our reach into the large and growing cross-border B2B payments space helping our financial institution partners deliver on the non-carded needs of their commercial customers, simply and efficiently.”

Ron Clarke, chairman and CEO of Corpay, added, “We’re incredibly excited about this investment and new partnership with Mastercard. We expect Mastercard’s sponsorship of our cross-border solutions will accelerate our financial institution revenue build.”

Corpay’s platform currently supports payments in over 160 currencies. Mastercard Move’s network reaches over 10 billion endpoints across more than 200 countries and territories, covering a wide range of payment rails, including bank accounts, mobile wallets, cash-out locations, and cards.