The World Athletics governing body has named US-based global financial services company Corpay’s Cross-Border service as its new official foreign exchange supplier in a multi-year tie-up.

The four-year deal will see World Athletics utilize Corpay Cross-Border to manage its global payments while helping to mitigate the adverse effects of currency exchange rate fluctuations.

This is especially prescient with the onset of the Paris 2024 Olympic Games, ahead of which World Athletics announced it would become the first federation to offer prize money for performances.

A total prize fund of $2.4 million will be made available across the athletics events at Paris 2024, with gold medalists to receive $50,000 each. There are 48 medal events scheduled for the games.

At the Los Angeles games in 2028, meanwhile, prize money will also be allocated to bronze and silver medalists.

This year World Athletics also announced a new biennial global championship event with a record $10 million prize fund, only enhancing the need for a coordinated global exchange management service.