AbbeyCross Emerging Market FX payments platform hits key milestone: Launch of ABX Studio with US Tier 1 Bank
May 14 2024 - 3:00AM
AbbeyCross, the company focused
on transforming the FX and payments landscape for Emerging Markets
(EM), announces the launch of ABX Studio with its first US Tier 1
bank client. ABX Studio, the first solution to go live on the ABX
Platform, provides unique emerging market FX pricing data directly
from multiple EM payments providers, enhancing price discovery and
comparison, to support deliverable payments to emerging markets.
Developed by payment industry veterans and built with
best-in-class, proven and trusted financial markets transaction
technologies, the ABX Platform has been created specifically to
address the challenges faced today by commercial banks, Money
Services Businesses (MSBs), Non-Government Organisations (NGOs) and
international charities operating in the world’s emerging
markets.
Historically, commercial banks have suffered from a lack of
choice when addressing emerging markets payments with most limited
to one FX rate provider. This harms margins, limits services to
their clients and creates compliance risks to regulators. MSBs may
struggle to access banking services and are limited to banks’
wholesale offerings rather than having direct access to provider
bank solutions. NGOs and Charitable Trusts face the same challenges
as MSBs, along with a heightened need for pricing transparency for
governance purposes.
These organisations can now benefit from a single access point
to accurate and transparent EM FX payment pricing sourced directly
from multiple payment partners. Through a single integration to the
ABX Platform, users get unparalleled EM payments pricing accuracy
and transparency without the cost and time associated with building
multiple direct connections.
ABX Studio users can:
- View and compare real-time and historic deliverable FX rates
from multiple payment providers
- Benchmark existing payment providers against the wider market
to drive competition, improve margins and support more accurate
customer pricing
- Address regulatory and supervisory challenges with independent
verification of payment-relevant EM FX execution rates
Mike Robertson, CEO and Co-Founder, AbbeyCross
said: “Today marks a major milestone in our journey to
optimise and improve the outdated and inefficient emerging markets
FX payments ecosystem. For this US Tier 1 bank client, joining the
ABX Platform recognises its commitment to continuous innovation for
its global client base. Using ABX Studio will help improve their
decision-making capabilities for FX payments to emerging markets
and bring greater efficiency, increase price transparency, and
mitigate risk. This will ultimately reduce the bank’s client costs,
simplify their processes and improve their client experience. We
would like to thank our investors, payment partners, technology
partners and the AbbeyCross team, all of whom share our vision for
a better solution for EM payments, for their fantastic
support.”
Olann Kerrison, Chief Commercial Officer,
AbbeyCross said: “We are thrilled
to go live with our first US Tier 1 bank client and look forward to
adding more banks, institutions, and organisations in the near
future. All of our user types – from commercial banks to global
charities – can now benefit from unparalleled access to real-time
and historic FX rate data from leading payment partners. The
ability to more easily benchmark providers and generate comparison
reporting supports true price discovery and ultimately results in
better decision-making.”
Ben McConnell, CTO, AbbeyCross said: “The
launch of ABX Studio on the ABX Platform is a huge achievement for
the AbbeyCross team and our technology partners. Our collaboration
with Chronicle Software, the specialist financial markets
technology provider has proved to be a great fit for us. Their
reputation and relationships in global financial markets, as well
their expertise in delivering outstanding technology solutions,
have been – and continue to be – instrumental in the successful
development and delivery of the ABX Platform”.
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About AbbeyCross
AbbeyCross offers a platform that improves the FX payment market
infrastructure for emerging market (EM) currencies. Working with
global banks, MSBs, NGOs and their EM payment providers, AbbeyCross
reduces technical barriers to integration, addresses compliance and
continuity risk, and offers much-needed price transparency to the
fragmented and inefficient EM FX payment industry.
The AbbeyCross ABX Platform delivers a single, flexible
integration to two products that future-proof EM FX payments
businesses in a changing world. ABX Studio provides unique EM FX
market pricing data for greater transparency, insight and
benchmarking.
Based in London, AbbeyCross was founded in 2021. For more
information, please visit www.abbeycross.com. In December 2023,
AbbeyCross announced a $6.5 million investment to fund development
of the ABX Platform. Read more here.
Media Contact:
Tina Kane The Realization Group
tina.kane@therealizationgroup.com
Tina Kane
The Realization Group
tina.kane@therealizationgroup.com