Marjory have entered into a strategic partnership with Kantox, a leader in currency management solutions for businesses, to support marketplaces in the process of expanding internationally. This collaboration will allow Marjory-connected operators to accept cross-currency payments while protecting their customers against foreign exchange (FX) risk.
When marketplaces move into unfamiliar markets, they face the challenge of new and increased requirements on their financial dealings and of managing their customer’s foreign currency needs. As a result, FX risk needs to be accounted for and addressed to avoid pricing fluctuations, decreases in local currency income and a reduction in margins.
The goal of the collaboration is to enable marketplaces and their customers to cope with these hazards by offering Marjory-connected marketplaces a secure multi-currency payment system that is easy to integrate and customise.
Under the partnership, Kantox’s solutions can be integrated into marketplaces that are connected to the Marjory framework. Those that opt-in will be able to access Kantox’s award-winning currency hedging technology and multi-currency payments product. This will allow marketplace CFOs and Treasurers to automate their FX risk management as well as their international payments in a straightforward, secure and affordable manner.
“With Kantox, Marjory is allowing marketplace operators to expand internationally by protecting their own and their clients’ income and commissions,” explains Kamel Tansaout, founder and CEO of Marjory.
“With Marjory, Kantox makes its integration easier for B2B marketplaces, and allows them to boost their international growth by allowing sellers to price and guarantee their income in their local currency as well as allowing sellers to buy products in their local currency” says Philippe Gelis, CEO and Co-founder of Kantox
Marjory offers B2B e-commerce and marketplace operators a universal connection solution to integrate, launch and easily operate high added-value innovative services (payment, KYC, logistics, marketing, etc.) on their platforms.
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Kantox is a leading fintech company building software solutions that help businesses to overcome complex FX challenges and leverage foreign currencies for growth. Kantox’s expertise and solutions allow businesses to capture exposure data and automate their hedging, payment and collection processes. Over 5,100 clients in 72 countries trust Kantox with their payment and currency management needs.
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Marjory has announced a partnership with Edenred Corporate Payments, an innovative single-use or reusable virtual MasterCard solution for supplier payment optimisation. The goal of this partnership is to help marketplace operators make payments more secure through an integrated solution, and to allow them to offer an additional methods of payment to their clients.
Marketplaces, which connect buyers and sellers on a web platform, have become a growing phenomenon in recent years, fuelling the growth of e-commerce and even shifting B2B trade habits.
Corporates are increasingly resorting to these platforms to source and manage suppliers, as well as to purchase products and services. The more suppliers on a marketplace, the more payment methods there are, and credit or debit card is almost always one of them, with its proportion on the rise.
But traditional bank cards — usually plastic cards emitted by a company’s bank — offer zero control on their usage, and are not adapted to B2B payments: no transaction traceability, significant charges for payments in different currencies, high risk of fraud, etc. Additionally, it can be complex to manage this method of payment if the marketplace doesn’t allow for the easy creation of personalised individual accounts with associated payment rights.
Edenred Corporate Payment makes it possible for marketplace operators to offer a secure and flexible payment solution to their clients. Through to a virtual card generated for a specific purchase (via a web portal or API), the marketplace can prevent fraud risks and provide instant security for its payments. And as an added bonus, the solution greatly optimises account reconciliation: since each card is generated for an individual transaction, it can easily be given a unique reference, which then appears on the reports provided by Edenred Corporate Payment.
Thanks to the partnership between Marjory and Edenred Corporate Payment, operators can now give their clients access to these secure payment services through designated processes on the Marjory interface. This way, buyers are able to leverage the use of virtual cards for each transaction conducted on the platform.
“Edenred Corporate Payment will allow our marketplace operator clients, including e-procurement marketplaces, to simplify and automate all or parts of their payment processes, particularly when managing third-party services in the B2B market,” explains Kamel Tansaout, Founder and CEO of Marjory.
“Marjory grants our virtual payment card solution outstanding flexibility and speed of integration within the operational and technical settings of our operator clients. It also gives us an opportunity to position our solution in the dynamic marketplace sector,” says Julien Leroy, Business Developer at Edenred Corporate Payment.
Founded in 2018 by Kamel Tansaout, Christophe Spoerry and Frédéric Choudat, Marjory simplifies the launch and growth of B2B and B2C marketplaces by facilitating the integration of new services (payment, KYC, logistics, marketing, etc.).
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Edenred Corporate Payment is a subsidiary of Edenred Group, the services and payments platform and the everyday companion for people at work, connecting 50 million employees and 2 million partner merchants in 46 countries via more than 850,000 corporate clients.
Edenred offers payment solutions for specific uses such as food (meal vouchers), fleet and mobility (fuel cards, commuter vouchers), incentives (gift vouchers, employee engagement platforms) and corporate payments (virtual cards). These solutions enhance employee well-being and purchasing power, improve companies’ attractiveness and efficiency, and vitalise the employment market and the local economy.
Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more user-friendly every day. In 2019, thanks to its global technology assets, the Group managed €31 billion in business volume, primarily carried out via mobile applications, online platforms and cards.
Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CACNext20, FTSE4Good, DJSI Europe and MSCI Europe.
Brands and logos mentioned and used in this press release are trademarks of EDENRED S.A., its subsidiaries or third parties. Commercial usage without the written consent of their owners is prohibited.
Find out more: https://www.edenred.com/en/edenred-corporate-payment
Media contact: Matthieu Santalucia, press relations and social media manager, Edenred