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Corpay partners with supply chain platform PracBiz Exchange
Wed, 22nd Jun 2022
FYI, this story is more than a year old

Business payments company Corpay has announced its new partnership with PracBiz and its B2B digital supply chain platform, PBX, allowing the latter to use Corpay's solutions to mitigate foreign exchange exposure.

More than 4,000 B2B suppliers on the PBX platform located across APAC can now use Corpay's services, and the company says they'll be able to manage their global payments from a single point of access.

Corpay's APAC managing director for cross-border solutions David Britten says he's incredibly excited about the new partnership with PracBiz.

“I am confident that companies that utilise the PBX platform will benefit from access to Corpay's comprehensive cross-border payments and currency risk management solutions, along with our high-quality customer service,” he says.

“Our team looks forward to helping businesses on the PBX platform power their global payments, execute plans to manage their currency risk and support their growth around the world.

PracBiz founder and group CEO Neo Teck Hoe says the collaboration with Corpay will allow its clients to manage their cross-border business more strategically.

“In addition to being able to execute their cross-border payments in a more cost effective and efficient manner through Corpay, our clients will also be able to leverage innovative solutions like Cross Border BNPL, made possible because of the rich data available on the PracBiz platform,” he says.

This follows Corpay's recent partnership with ASA Automotive Systems, which provides on-premise and cloud-based shop management systems and services for more than 3,000 independent tire dealers, retreaders and automotive service and repair shops across North America.

Corpay says it helps companies of all sizes better track, manage and pay their expenses. It provides customers with a comprehensive suite of online payment solutions, including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the largest commercial issuer of Mastercard in North America, Corpay handles over a billion transactions each year.

The company says its products eliminate manual and disjointed processes and deliver digital payments with speed and controls that minimise risk.

PracBiz is a B2B fintech company that uses its B2B digital transaction management platform “PBX” to offer its more than 4,000 active subscribers trade financing, business analytics, AI tools, and digital payment solutions to improve their productivity and cashflow.

PracBiz processes over 40,000 transactions daily and, through continually offering innovative digital and AI solutions, has been able to reduce the operating costs and increase the business capacity of its subscribers, mainly in the F-B, FMCG and pharmaceutical space.