Four currencies, three intermediaries
Carrier payouts ran through three banking intermediaries, each adding margin. Carriers outside the four settlement currencies absorbed conversion costs that Cormorant had to rebate.
Balances where the carriers are
Cormorant now holds balances in 14 currencies and pays carriers on local rails at mid-market rates with the fee shown separately. Fuel cards for drivers carry per-vehicle limits that bind at authorization.
Treasury without a treasury
Sweep rules convert excess balances weekly, and statements per currency drop straight into the ERP. The two-person finance ops team runs payouts for 3,400 carriers without a dedicated treasury function.
“Carriers get paid in their own currency at a rate we can explain, and the fuel cards reconcile themselves. That combination did not exist in our RFP.”
Products in this story
All names, figures, and quotes on this page come from the sample dataset that ships with the site.