- Crown Agents Bank has announced that it will work as banking partner of the FLEETCOR-owned firm Cambridge Global Payments.
- The new partnership will focus on helping Cambridge Global Payments to enhance its banking offer around the world - which is important in the context of Brexit and associated expansion plans of many firms.
- “Cambridge is highly regarded worldwide, so we are delighted to have been chosen to support them at this important time for the business,” said a spokesperson for Crown Agents Bank in a press statement.
A bank has announced that it has been chosen by a UK-based cross-border payments provider to work as its banking partner.
Crown Agents Bank, which offers liquidity and last-mile termination in a range of currency contexts, said that it had been chosen by Cambridge Global Payments to fulfil the role.
Cambridge Global Payments is known for its integrated money transfer offer, as well as its suite of currency risk management tools.
As a result of the partnership, Cambridge Global Payments will be able to boost its global banking work and bring in payments across a range of newer markets.
In particular, it will focus on the Asia-Pacific region – though it will also look further afield, with locations such as Africa also contained on the list.
The move comes as Crown Agents Bank found that Brexit had caused almost two-thirds of British companies to have expansion plans that explore a range of markets.
In a statement, the president of Cambridge Global Payments explained that the relationship has already led to the firm deriving benefits – especially when it comes to the addition of currencies.
Mark Frey said that the partnership had also positively improved transparency, among other things.
“Since partnering with Crown Agents Bank, Cambridge has added eight additional currencies to our portfolio and has benefited from demonstrated improvements in the transparency of payments and speed of settlement across frontier and emerging markets,” he explained.
He also went on to outline some of the new locations in which the company would be working following the move – including Africa.
“With Cambridge’s already strong coverage across Europe, North and South America, our partnership with CAB will allow us to further expand our presence across Asia and Africa, providing additional value to our customers,” he said.
For Crown Agents Bank, meanwhile, chief commercial officer Joe Hurley said that the company was already experiencing positive change as a result of an ongoing rebrand towards its new name, CorPay.
“2021 is proving to be an exciting year for Cambridge as it transitions to its new brand, CorPay,” he said.
“Cambridge is highly regarded worldwide, so we are delighted to have been chosen to support them at this important time for the business.”
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