“Financial institutions are struggling to access hard-to-reach markets, especially as counterparties retreat from these increasingly underserved and challenging geographies. This is why the AbbeyCross ABX Platform is so important.”
Crown Agents Bank, a UK-regulated institution specializing in FX and cross-border payments for emerging and frontier markets, has announced a strategic partnership with AbbeyCross.
This collaboration aims to deliver FX payments via the ABX Platform, a marketplace for emerging market FX and payments.
Crown Agents Bank covers 100+ currencies
Crown Agents Bank is among the first banks to join the ABX Platform as a payment provider.
The bank facilitates cross-border payments in over 100 currencies across more than 700 currency pairs. Through the ABX Platform, Crown Agents Bank will offer AbbeyCross users competitive Emerging Market FX (EM FX) rates, seamless access to its extensive global network, and innovative cross-border payment solutions for swift and efficient settlement.
The ABX Platform provides direct access to multiple payment providers, ensuring competitive FX rates in emerging market currencies.
With a single integration, wholesale market participants, including commercial banks, Money Services Businesses (MSBs), NGOs, and Charitable Trusts, can access transparent pricing information for EM currencies. Users can compare multiple rates and service providers, while payments providers can connect with a broader network of potential customers.
ABX for hard-to-reach markets
Colin Digby, Head of Strategic Client Coverage of Crown Agents Bank said: “Financial institutions are struggling to access hard-to-reach markets, especially as counterparties retreat from these increasingly underserved and challenging geographies. This is why the AbbeyCross ABX Platform is so important. It addresses the technical integration challenges and the transparency dynamic as it provides an easy single access point to these markets via multiple LPs. It’s a real game changer for us, the institutions we serve and the wider market.”
Mike Robertson, CEO and Co-Founder of AbbeyCross said: “We are excited to have Crown Agents Bank join the ABX Platform as a founding payment partner. Their longstanding and rich experience in the Emerging Market FX and payments space builds on our mission to offer an enhanced user experience with greater provider choice, enhanced price transparency and a more efficient settlement experience, in turn enabling market participants to deliver better service levels to their customers and stakeholders.”
