TORONTO -- Corpay, Inc.*, (NYSE: CPAY) a global leader in corporate payments, iannounces that Corpay’s Cross-Border business can facilitate client foreign exchange (FX) conversions using J.P. Morgan’s Kinexys Digital Payments blockchain.

Kinexys Digital Payments is a payment rail powering near real-time[1] value transfer using commercial bank money, offered through Kinexys by J.P. Morgan, the firm’s blockchain business unit.

Through Kinexys Digital Payments, Corpay Cross-Border can extend their trading hours for their global client base and provide speed of settlement not possible on traditional fiat FX rails without a significant lockup of liquidity. A recent use case saw a UK-based Corpay Cross-Border client receive USD and book an FX trade to convert and pay to their GBP account in the UK, after the market close on a Friday evening. The trade settled within minutes, and the client received GBP in their account via the UK Faster Payments network.

“We are extremely excited about this technology both from an internal Treasury liquidity use case, and a client experience perspective,” said Paul Bregg, Treasurer, Corpay Cross-Border Solutions. “Our clients now have access to greatly expanded trading hours, along with incredibly fast settlement times, less than 30 seconds in most cases. In addition, from an internal Treasury perspective, this technology greatly reduces settlement risk and settlement times between counterparties.”

“We are pleased to support Corpay and their clients in unlocking new capabilities and efficiencies in cross-border and cross-currency transactions, through the power of blockchain technology,” said Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments. “By providing clients access to a 24/7, frictionless FX market, we are empowering new business flows and assisting treasurers in redefining business processes and optimizing working capital management.”