Smarter global payment compliance – Xtrm & Corpay webinar highlights

Webinar recap: Avoid the audit – The smarter way to pay globally with Xtrm and Corpay

In today's fast-paced global economy, mastering international payments isn't just about speed, it's about smarts and compliance. That's why we recently hosted a crucial webinar, "Avoid the Audit: Bleeding Edge International Payment Compliance and Wallet Infrastructure," featuring insights from Xtrm and our key partner, Corpay. The session underscored how companies can achieve the intelligent way to pay and get paid, globally, while staying ahead of complex regulatory demands.

Our own Lev Gamaley, VP of Revenue Operations at Xtrm, kicked off the discussion, setting the stage for an in-depth look at global compliance through the lens of Xtrm's wallet architecture and our partnership with Corpay. He introduced our expert speakers: Rita Sabri, Head of North American Compliance at Corpay, and William Taibl, Chief Revenue Officer at Xtrm.

 

Xtrm & Corpay: A unified front for global payments

Corpay stands as a leading global payment provider, empowering businesses to send and receive cross-border payments efficiently, securely, and always in compliance with evolving regulations. As Rita Sabri detailed, Corpay's expansive network supports payments in over 145 currencies to more than 200 countries worldwide, processing billions of dollars daily.

William Taibl explained how Xtrm, as a global payments provider, harnesses Corpay's robust network for global wires and EFTs. This powerful integration allows our clients to pay recipients directly into a secure wallet. The result? Payees gain the flexibility to choose how they want to receive their payments globally, in their local currency. This wallet-centric payout structure eliminates the need for companies to collect, maintain, manage, and store sensitive bank details, drastically reducing security risks and offering a smarter way to pay.

 

Navigating the tides of global regulation

Rita Sabri pinpointed three major regulatory trends that demand attention:

Real-Time Payment Demands

The global shift toward instant payments requires real-time fraud detection, immediate sanction screening, and pre-transaction name verification. William Taibl highlighted how Xtrm's wallet structure inherently enhances security for these real-time transactions by removing the insecure practice of passing bank instructions via email.

The Rise of Crypto Regulation

The increasing scrutiny of cryptocurrencies and stablecoins mandates enhanced due diligence and integration into Anti-Money Laundering (AML) programs.

Non-Bank Platforms Under the Microscope

Regulators are increasingly focusing on non-bank financial platforms, expecting them to be treated with the same rigor as traditional financial institutions.

 

Operationalizing compliance: A layered and localized approach

How do Xtrm and Corpay operationalize compliance across diverse global landscapes? Rita Sabri outlined Corpay's robust, layered, and risk-based framework for KYC, AML, and real-time transaction monitoring. This approach localizes global compliance standards based on the specific regulatory expectations of each operating region. Corpay's sanction lists, for instance, are updated daily by a third-party screening provider, employing custom false-positive rules and an internal whitelist to ensure quick transaction speeds without sacrificing thoroughness.

William Taibl detailed Xtrm's role in this dual-layered compliance strategy. Xtrm collects all necessary details from clients and payees, ensuring that every cross-border payment processed through our platform goes through Corpay's screening systems. Furthermore, Xtrm secures sensitive PII data with enterprise-grade security practices, including multi-factor authentication, advanced encryption, and tools like Cyphlens, which ensure only authorized users can access sensitive bank details.

Corpay's strategic prioritization of compliance initiatives relies on a risk-based and impact-driven framework. This involves leveraging a jurisdictional heat map, aligning with internal risk appetite, maintaining active engagement with local regulators, and centralizing core compliance frameworks while localizing execution to optimize resource deployment.

 

A success story and the biggest compliance pitfall

William Taibl shared a compelling customer success story showcasing the power of the Xtrm-Corpay combined solution. A client was able to make thousands of global payments monthly in multiple currencies, all while funding in a single currency. This partnership eliminated the burden on the client's internal AP teams of managing sensitive data and automated the collection process, significantly reducing effort, error rates, and simplifying bank detail changes – truly embodying the intelligent way to pay.

Rita Sabri concluded by addressing one of the biggest compliance pitfalls companies often underestimate when expanding internationally: the dangerous assumption that a single country's registration or license is globally sufficient. She unequivocally stated that cross-border payouts often trigger local money transmission or e-money license requirements, and AML expectations vary significantly by country. A "one-size-fits-all" approach, she warned, is simply non-compliant.

 

Looking ahead: The future of compliant global payments

As the landscape of international finance continues its rapid evolution, the insights shared by Xtrm and Corpay highlight a crucial path forward. The webinar made it clear that "avoiding the audit" isn't a one-time achievement but an ongoing commitment to vigilance and adaptation.

Looking ahead, we can expect:

Continued Regulatory Dynamism

The global push towards real-time payments, the increasing scrutiny on crypto, and the expectation for non-bank financial platforms to operate like traditional institutions will only intensify. Businesses must remain agile, proactively updating their compliance frameworks to meet these ever-changing demands.

The Power of Integrated Solutions

The success story shared in the webinar underscores that robust, integrated platforms like Xtrm's wallet architecture, powered by Corpay's extensive global payment network, are not just beneficial but essential. This partnership exemplifies how combining expertise and technology can simplify complex cross-border payments, making it a truly intelligent way to pay.

Emphasis on Localization and Risk-Based Approaches

As highlighted, the "one-size-fits-all" approach to global compliance is a significant pitfall. The future demands a highly localized, risk-based framework for KYC, AML, and sanction management, adapting global standards to specific regional expectations.

Enhanced Security Through Innovation

With sensitive data at stake, the focus on enterprise-grade security practices, from multi-factor authentication to advanced encryption and secure data handling, will only grow. Xtrm and Corpay's commitment to these measures ensures that businesses can operate with confidence.

The partnership between Xtrm and Corpay is poised to continue leading the charge in defining the smarter way to pay and get paid globally, ensuring that businesses can navigate the complexities of international compliance with greater ease and security.

 

Ready to experience the smarter way to pay globally?

Eager to streamline your international payments, enhance compliance, and truly experience the intelligent way to pay and get paid globally? Learn more about how the Xtrm and Corpay partnership can benefit your business when you book a call with our friendly sales team.

Missed the webinar? Watch now on our Webinars page.