The Defi Trafi infra collab trend is staying high.
Global S&P 500 corporate payments company CorePay has partnered with JPMorgan Chase and BBNK to expand its cross-border payments platform.
Now this partnership integrates blockchain-based settlement into CorePay's existing multi-rail system, and this says optimize global payments by bridging the gap between Trap and digital assets and. will provide the stablecoin interoperability.
Joining me to break this down is Sam Marsh, Chief Commercial Officer at Corpay Cross-Border, and Tyler Sherwin, VP, Banking, Cards & Capital Markets at BVNK.
Well gentlemen, thank you so much for joining us.
Well, I do want to start with you for copay.
So take us through the announcement as well as the decision to include JPMorgan as well as BB.
Yeah, hi, good morning, Remy, thank you very much for having us on this morning.
Um, so for Corbet, I think really the foundation of this is about being able to expand the optionality for our clients.
I think we're looking at digital rails with, with two lenses.
One, particularly around JP Morgan is our ability to actually expand our own, um, treasury capabilities, so the ability to settle.
Uh, money more efficiently, 24/7, uh, boost our overall, uh, liquidity, um, and capabilities, that's a massive, um, driver.
From experiencing those, um, benefits, we're really leaning into what that will mean for our clients.
So the BVNK partnership is really about bringing that capability more to the forefront.
So expanding out uh stablecoin wallets, uh, enabling our clients to send, receive, store, and converting stablecoins within our platform effectively enables clients to gain these, uh, kind of this fourth evolution of payments, uh, within the, uh, their fiat, um, platform that they're already comfortable and familiar with.
And I do want to bring in Tyler from the case.
So Tyler, can you tell us a little bit more about the case's role in terms of providing stablecoin interoperability here.
Yeah, so BVNK plays a very important role.
We have a safe and compliant solution that allows Coreay to not worry about a lot of the complexity associated with moving payments on the blockchain.
As you know, blockchain is this 4th iteration, as Sam mentioned, of payments technology, and we imagine a world where it becomes ubiquitous.
But in order for it to become ubiquitous, there needs to be safety and Soundness built into the platform itself.
And so what BVNK does is we provide a technology and compliance solution that allows CorePay to offer an additional payment rail just to like Sam's point was around multi-currency access.
The goal here is to create a platform that's interoperable with blockchain payments as well as the typical fiat payments across all the different currencies that CorePay supports today. and back to you.
I do want to get your take on the move into stable coins.
So tell us what growth payment firms are seeing and what you expect as we move forward.
But I, I, I still think from having, I think there was a, there was an article, or sorry, a, a report out from McKinsey earlier on this year that the adoption of B2B, uh, payments with stablecoin is, is growing but still is a very small part of the overall, uh, payment, uh, ecosystem.
So I think what's really exciting for us is that we want to, as the adoption increases, make sure that customers are able to access it through their existing Fiat rails.
I think.
The combination of both is what's really gonna drive the adoption, so I think we have customers today that are um I would say kind of early um users of the capability and we've had requests for them to be able to access it through us.
But the other part is as the capability expands and as we're able to build out the network, we wanna be able to help more and more customers um experience the benefits without needing to move um er partners and without having to er build out new infrastructure themselves.
Tyler, I do want to get your take on the recent announcement in Q1 of this year that Mastercard is acquiring VV and K.
So tell us your expert expectations and what do you expect in terms of an ecosystem here.
Yeah, great question.
So we're extremely excited about the acquisition news with Mastercard.
Mastercard, being one of the most largest payments companies in the world, is really going to enhance the firepower that BVNK can bring to our clients, and we can achieve some goals that neither company could have achieved on their own with this acquisition, which was announced a little while ago and will close in a handful of months.
It's very much focused around bringing interoperability across card networks, fiat networks, and blockchain networks.
Uh, we believe in a future where payments are no longer limited by banking hours and can happen 24/7, 365, globally and around the world.
Right now, BVNK is very much focused on delivering value for all of our.
Enterprise clients focused around a compliant, technologically sound solution that allows people to interoperate between these different networks seamlessly without having to worry about a lot of the headaches that can come with compliance and building a new team.
And so very much Mastercard's focus is BB&K's focus.
It's to accelerate the global movement of money.
And speaking of which, I do want to get both of your takes on the calendar this week.
The Senate Banking Committee markup on the clarity Act is scheduled for Thursday morning here in the US.
So are you watching for this legislation to help the stablecoin industry accelerate even further.
What is your take?
Absolutely this is a crucial piece of landmark legislation.
I remember when the Genius Act passed, it absolutely skyrocketed the interest in digital asset adoption for banks, and the Clarity Act is going to do that probably 10 times more.
There's been a huge push ever since BlackRock and other major financial institutions started talking about tokenization as a means to grow up the legacy financial system into its next.
There's an important question to ask, which is if information can move instantly, why can't money?
And so legislators and regulators are finally catching up to the adoption that we've seen in the market, which is customers want instant access to their money.
They want to send money 24/7.
And there are so many private issuers of stablecoins that have had achieved tremendous success.
However, it's a huge question as to where banks fit in versus the blockchain participants.
And and I think what you're seeing with the Clarity Act is you're finally starting to see a synthesis between these two worlds where bankers and blockchain innovators are coming to the table and creating a framework that's just going to make the types of innovation that we're seeing today like with CorePay and other enterprise customers, it's just going to make what make it an extremely compelling journey for every enterprise to begin integrating blockchain payments because now they finally have a framework to do it.
Yeah, and, uh, Sam, I do want to get your take as well.
Yeah, no, sorry, apologies, um, yeah, no, I, I think what Tyler's saying is entirely correct.
I think um if you look at the evolution of um cryptocurrencies through to kind of blockchain payments, what you're effectively seeing is we're now seeing it move into the center, and I think.
You have er the more technologically savvy businesses or individuals who were considered to be the early adopters of these capabilities.
I think in order for it to hit the mainstream, it has to meet with what is a, a structure that enables regulation and the embedded infrastructures to enable to bring that to customers.
Um, in their existing, uh, in their existing format, so I think, yeah, it's a massive step forward, it's very exciting and it's an area in which obviously, as a business like Cor Bay we're staying close to those developments and how it pivots our, uh, and continues our strategy around this.
Well, Sam, Tyler, it was great having you on the show this morning.
Thank you so much for joining us and thank you so much for sharing all of your insights as well as perspective.
Thank you for having us.
