XTRM Financial Assurance

XTRM provides complete financial assurance to all XTRM customers, partners and their managed customers.

XTRM receives regulatory oversight through both participating banks as well as Corpay, a wholly owned subsidiary of Fleetcor (NYSE: FLT) as a licensed and regulated money transmitter, or its equivalent, by all regulatory agencies, both state and federal. Corpay, part of the FLEETCOR (NYSE: FLT) portfolio of brands, provides MSB licensing and surety bonding for XTRM and XTRM partners and customers.

Corpay solutions are backed by a strong balance sheet, secure infrastructure, and best-in-class customer support. Handling over a billion payment transactions across 145+ currencies in over 100 countries.

Corpay fully adheres to international payments and regulatory requirements. Regulatory obligations require Corpay to safeguard all client funds and segregate certain funds, providing clients with the confidence they are transacting securely. Sophisticated data encryption is used to ensure privacy and data security

FinCEN Money Services Business registration: 31000180270800
FinCen MSB Registration Number: 31000117020834
Cambridge Mercantile Corp . DBA: Corpay
1350 Broadway Suite 810
New York, NY 10018
United States

As a license requirement, the regulated entities are required to own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments obligations issued or sold by the Company and all outstanding money received for transmission by the Company. Eligible securities, even if commingled with other assets of the Company, are deemed to be held in trust for the benefit of the purchasers and holders of the Company’s outstanding payment instruments and stored value obligations, and all senders of outstanding money received for transmission, in the event of bankruptcy or receivership of the Company, or in the event of an action by a creditor against XTRM who is not a beneficiary of this statutory trust. This requirement is scrutinized with regularity through examinations, audits, and periodic reporting obligations.

Corpay Overview

At all times, the regulated entities maintain permissible investments that have an aggregate market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all its outstanding payment instruments and other transfers. Corpay and its subsidiary and affiliated entities (collectively “Corpay”) are regulated in over fifty global jurisdictions. The legislation and regulation governing its payment activity varies from jurisdiction-to-jurisdiction. However, one of the commonalities among all jurisdictions is the legislative intent to ensure the pecuniary safety of customers. This is accomplished through two general tranches of legislative protections.

The first tranche involves protection afforded to mitigate the occurrence of an insolvency event. Many jurisdictions stipulate that Corpay maintains certain capital requirements. These provisions help to ensure that Corpay operates under sound financial health. Another legislative tool to help​ ​mitigate the occurrence of an insolvency event is the requirement to safeguard funds. Numerous jurisdictions require Corpay to maintain certain eligible assets to cover the funds it receives from its customers for payment activity. The aforesaid requirements are scrutinized with regularity through examinations, audits, and periodic reporting obligations.

The second tranche involves the protection afforded in the occurrence of an insolvency event. In the event of insolvency, many of Corpay’s regulatory authorities have certain legislative tools to help ensure the customer is made financially whole. Many jurisdictions stipulate that customers receive a senior debt preference. That is, obligations owed to customers are paid prior to obligations owed to non-customer creditors (i.e., junior debt holders). Additionally, Corpay is required to maintain surety bond coverage in certain jurisdictions within the United States. These United States customers are entitled to a claim on the surety bond for damages incurred by Corpay’s failure to perform a contractual obligation. Finally, many regulatory authorities have the ability to place Corpay in receivership. In this event, a receiver is appointed to run the company and manage the distribution of assets. The receiver would adhere to the above stated debt preference hierarchy.