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F-11 Provider capability matrix: draft for Paul's tick-through

DRAFT, 10 Oct 2026. Built only from public documentation: Currencycloud's help centre and terms, Corpay's site and help pages, CT's own site and the Corpay terms CT hosts. Nothing is confirmed by CT or the providers yet. Scope: Currencycloud (CC) and Corpay Cross-Border (CP) only. CT's other five partners (Atlantic Partners Asia, Central FX, Clear Treasury, GC Partners, Moneycorp) are not assessed.

Tags: [doc Sn] = public documentation, source n at the bottom. [inferred] = reasoning, explained in the cell; not a fact until Paul ticks it. [ASK PAUL Qn] = needs Paul, question n below. [R1] = CT's own 10 Oct research digest, not re-verified here.

Key assumption: CC's permitted-jurisdictions table differs by client type, and several "No" cells assume CT is a type 3 client (unregulated firm using CC's licence). That is [inferred] from CT's own CC page, which says CC provides the regulated service to CT's customers [S2]. Q1 confirms it.

Baseline: what each provider documents for any client it accepts (rows list only the differences)

1. Matrix: can we serve them?

Client scenario Onboard via CC? Onboard via Corpay? Named accounts (currencies) Local collections Payouts Holding balances Forwards
UK ltd company Yes: UK open to all CC client types [doc S1]. KYC asks for owners, controllers, source of funds if high value [doc S25] Yes: Corpay UK, Cambridge Mercantile Corp. (UK) Ltd, FCA EMI 900702 [doc S3, S31] CC + CP baseline [doc]. Which ones CT actually issues: [ASK PAUL Q5] CC + CP baseline [doc] CC + CP baseline [doc] Both yes [doc S22, S31] Both yes, per baseline [doc]
UK individual Yes: UK open [doc S1]; CC's UK terms cover consumers [doc S23]; no ID upload at form stage for UK residents [doc S25] No [inferred: CT publishes Corpay terms for business clients only, S3, S30] CC baseline [inferred: CC's FAQs don't limit named accounts to companies and quote USD limits "by individual or company", S7]. Switched on for private clients? [ASK PAUL Q5] CC baseline [inferred, same basis] CC baseline, except no CNY: CC takes company payers only [doc S19] Yes [doc S22] Yes, CC baseline [doc S13, S23]; CT sells them for property purchases [doc S39]
EU-resident individual (e.g. Brit in Spain) Yes via Currencycloud B.V. (DNB-licensed EMI) for EEA-based clients [doc S2]. Spain open; Dutch-resident individuals excluded [doc S1]. Account activates only after a 1p test payment from an EEA bank account in the client's own name [doc S21]; ID and proof of address required [doc S25]. Live for CT today? [ASK PAUL Q4] No [inferred: business-only Corpay terms, S3] B.V. terms include EUR, GBP, CAD and SWIFT collection services [doc S24]. Exposed to private clients? [ASK PAUL Q5] EUR (SEPA), GBP (Faster Payments), CAD (EFT) per B.V. terms [doc S24] CC baseline minus BHD, CNH/CNY, ILS, KWD, OMR, QAR, THB, UGX for B.V. clients [doc S12]. EUR payments show the payer's name; PDF confirmations available [doc S29] Yes [doc S22] B.V. terms allow forwards for identifiable payments [doc S24]. Booked today for a property completion? [ASK PAUL Q4]
EU company Yes via Currencycloud B.V. [doc S2]; all 30 EEA states open [doc S1]; same 1p test from an EEA account in the company's name [doc S21] Yes: Associated Foreign Exchange Ireland Ltd (Central Bank of Ireland, passported across the EEA) [doc S3, S31, S32] CC: EUR, GBP, CAD + SWIFT [doc S24]; no local USD if domiciled in Cyprus [doc S8]. CP: baseline [doc S36] CC per B.V. terms [doc S24]; CP baseline [doc S34] CC minus the B.V. exclusions above [doc S12]; CP baseline [doc S35] Both yes [doc S22, S31] CC yes [doc S24]. CP: deliverable non-MiFID forwards; "MiFID contracts are not available" under these terms [doc S31]
US corporate Yes: US open [doc S1]; US clients served by Visa Global Services Inc., a licensed money transmitter [doc S2]; EIN mandatory from 30 Oct [doc S26]; extra US exclusions incl. shipping, freight and trade-finance brokers [doc S28] Yes: Cambridge Mercantile Corp. (USA); CT hosts US business terms [doc S3, S32]. Which provider we actually use: [ASK PAUL Q6] CC baseline incl. local USD [doc S7]; CP baseline incl. USD [doc S34, S36] CC: ACH/Fedwire, plus ACH pull from own US bank up to $100k, held 3 days [doc S4]. CP: US-domiciled USD [doc S34] Both baseline [doc S29, S35] Both yes [doc S22, S31] Both baseline [doc S13, S37]
UAE-registered company No: UAE is open only to CC client types 1 and 2 (regulated or licensed firms; type 2 needs licences in each country it serves) [doc S1]; CT looks like type 3 [inferred from S2; Q1] No documented route: no UAE entity in Corpay's published list [doc S32]; CT hosts no UAE terms [doc S3]. [ASK PAUL Q2] None. Even if onboarded, CC withholds local GBP and local USD accounts from UAE-based clients and blocks their local CAD payments [doc S5, S8, S9] None, for the same reasons [doc S5, S8] n/a: no onboarding route [inferred from the two onboarding cells]. Separate gate: UAE promotion law, DX-2 [R1] n/a [inferred: no onboarding route] n/a [inferred: no onboarding route]; forwards also raise the SCA question in DX-2 [R1]
UAE founder's UK company UK is open [doc S1], but CC requires the customer to be "based" in a permitted country [doc S1] and collects trading address from 30 Oct [doc S26]. A UK company run from Dubai: [ASK PAUL Q3] Corpay UK business terms [doc S3]; same question [ASK PAUL Q3] CC: no local GBP for "clients based in the UAE" [doc S5], so depends on Q3. CP: named AED account listed [doc S36] As named accounts [ASK PAUL Q3] Baseline; AED into the UAE is SWIFT-only with a purpose code [doc S18] Baseline [doc] Baseline; GBP/AED and USD/AED up to 12 months on CC [doc S13]; CP buy-side AED forwards [doc S36]
AU / CA / other (NZ, SG, CH, HK, Channel Islands) Canada outside Quebec: yes [doc S1]. AU, NZ, SG, CH, HK, Jersey, Guernsey, Isle of Man: not open to type 3 [doc S1], so no if Q1 confirms AU, CA, NZ, SG businesses: yes, CT hosts Corpay terms for each [doc S3]. Jersey entity exists but no CT terms [doc S32, S3]; no CH or HK entity listed [doc S32]. Individuals: no [inferred, S3] CC (Canada): baseline incl. CAD [doc S9]; CC local AUD is "coming soon" and only for Australia-based clients [doc S10]. CP baseline [doc S36] CC (Canada) baseline. CP: CAD, SGD and AUD domiciled locally were roadmap items in Nov 2025 [doc S34]; current status unknown Baseline [doc] Baseline [doc] Baseline [doc]. AU/NZ/SG individuals have no route via these two providers [inferred from the two onboarding cells]

2. Corridor quirks

Corridor Currencycloud [doc] Corpay [doc] So what for CT
INR Restricted: off by default, local only (IMPS/NEFT), no forwards, no holding [S14, S16]. Purpose code with B2B/B2C/P2B/P2P rules; trade codes need invoice number and date; trade payments capped at INR 1.5m per beneficiary per day, no splitting; "Salary" and "Investment in Shares" codes withdrawn; payers domiciled in India refused; no loan payments to Indian businesses [S14-S16] Wire and local (IACH) payments; non-deliverable forwards; no INR receiving listed [S36]. Regulatory fields appear in-platform per country; no public list [S38] INR 1.5m is about £13-14k [inferred: approximate rate], so CC fits personal and small trade payments only. Larger flows and hedging point to Corpay [ASK PAUL Q7]
AED SWIFT only (no local route); cut-off 14:00 UK, next day; min AED 30; purpose code required on SWIFT payments in any currency to a UAE account; holdable (not a restricted currency); forwards up to 12 months [S12, S13, S15, S18] Wire payment and receipt; buy-side forwards; standard and named AED accounts [S36] Paying into Dubai (property instalments, suppliers) works on both [doc S18, S36]. The UAE problem is onboarding UAE entities, not paying them
MYR Restricted, off by default; local IBG only; max MYR 100k per payment; funded only from USD, GBP, EUR, AUD or CAD; purpose code required from 26 codes, none for salary or payroll; no forwards; no holding [S14, S15, S17] Wire payment; non-deliverable forwards [S36] Francois's ~70-person Malaysia payroll is likely several hundred thousand MYR a month [inferred], over CC's cap if sent as one transfer, with no hedge on CC [ASK PAUL Q7]
CNY Traded as CNH; CNY into mainland China via SWIFT/CIPS at 1:1; cut-off 09:00 UK; purpose code (CTF, GOD, STR, RMT, OTF); mainland beneficiary must be a company incorporated there; payer must be a company; not offered to B.V. (EEA) clients [S12, S15, S19] CNY wire and local (IACH) payments, NDF and option NDF, standard and named CNY accounts; CNH wire payment and receipt [S36] No CNY via CC for private clients or EEA-based clients [doc S12, S19]. Corpay is the business route [inferred]
PHP Restricted, off by default; local only (InstaPay under PHP 50k, otherwise PESONet); max PHP 1.3m per payment; payer ID type and number required; no purpose code; no forwards; no holding [S14, S20] Wire and local (IACH) payments; non-deliverable forwards [S36] Payroll-size payments fit CC; bigger B2B payments or hedging need Corpay [inferred; ASK PAUL Q7]

3. Questions for Paul (only the cells that need him)

  1. CC contract type (every "Onboard via CC" cell; decides the UAE and AU/other rows): are we CC client type 3? Which KYC model are we on: sponsored in-house, outsourced, or agent? CC is moving notified clients off outsourced KYC in H2 2026 and will start offboarding those who miss its deadline [S27]: are we in scope?
  2. UAE-registered company (row 6): confirm neither CC nor Corpay will take them through us (expected: no and no). Any UAE-registered clients live today, and via whom? Does any of our other five partners take them, e.g. Clear Treasury, whose terms on our site cover "Global (excluding EEA)" clients [S3]? (Same as DX-2 Ask 1.)
  3. UAE founder's UK company (row 7): if the directors or owners live in Dubai, or the trading address is there, do CC and Corpay still treat it as UK-based? Does it get a CC sort code, given CC withholds local GBP from "clients based in the UAE"?
  4. EU-resident private clients (row 3): is the Currencycloud B.V. route live for individuals today? Do Spain residents pass the 1p test from a Spanish account in their own name? Can they book a forward for a property completion?
  5. Named-account currencies we actually issue (named column, all rows): per provider and per client type. CC documents GBP, EUR, USD and CAD local details plus SWIFT; Corpay lists 24. Which do we switch on for businesses, and which for private clients?
  6. US corporates (row 5): CC via Visa Global Services or Corpay USA, which do we use? Do they get local USD details (ACH/Fedwire) in their own name?
  7. Restricted corridors (section 2): who carries INR trade payments over INR 1.5m per beneficiary per day, MYR over 100k per payment, PHP over 1.3m, salary-type INR and MYR payments, and hedging in these currencies? Corpay lists NDFs; NDFs are MiFID derivatives [inferred], so may we introduce them at all? Are Corpay's caps and purpose-code rules on these corridors different from CC's? Test case: Francois's US-to-MYR payroll (board item R-1).

Also spotted (not matrix cells, each worth a tick)

Sources (all fetched 10 Oct 2026)

Private link, not indexed. The URL is the secret.