Wise joins AbbeyCross ABX Platform to bring greater connectivity to global FX payments
September 10 2024 - 2:00AM
AbbeyCross, the platform focused on improving connectivity and
access in global FX payments announced today that Wise Platform,
Wise’s global payments infrastructure for banks and global
enterprises, has joined the ABX Platform as its newest payment
partner.
Wise Platform provides banks, financial institutions and global
enterprises around the world with the capabilities, technology and
network to enable fast, secure and cost-effective international
payments for their customers. It is powered by Wise’s powerful
infrastructure, connecting directly to five payment systems, and
working with 90+ banking partners around the world to enable
cross-border payments in 40+ currencies across 160+ countries1.
The components of this infrastructure
enable a service which is reliable and fast, with around 60% of
transfers completed instantly (in 20 seconds or less2) at low cost.
By joining the ABX Platform, Wise Platform will give AbbeyCross
users access to faster, transparent and low-cost FX payments rates,
including emerging markets rates, as well as a more convenient
settlement experience.
The ABX Platform provides banking and
money service business (MSB) clients with multi-lateral access to
multiple FX payment providers via a single integration, delivering
a range of competitive services and transparent FX rates, rather
than being limited to single providers in the current bilateral
connectivity model.
AbbeyCross offers a unique platform
that improves the FX payments market infrastructure. Working with
global banks, MSBs and Real-Time Payment (RTP) providers,
AbbeyCross reduces technical barriers to integration, addresses
compliance and continuity risk and offers much-needed price
transparency to the fragmented and inefficient FX payments
industry.
Mike Robertson, CEO and
Co-Founder of AbbeyCross said: “We are very excited to
have Wise Platform join the ABX Platform as one of the founding
payment partners. Their experience in the Real-Time FX payments
space - and particularly in emerging markets currencies - will
enable us to offer better choice, price transparency and overall
payment settlement experiences to the global banks and MSBs that
use the ABX Platform to bring better payment service levels to
their customers.”
Abid Mumtaz, Head of
Commercial at Wise Platform said: “At Wise, our mission is
to make moving and managing money faster, cheaper and more
transparent for everyone, everywhere. AbbeyCross and Wise Platform
share a common vision to modernise the global financial payment
system, and we’re delighted to be teaming up to enable better, more
transparent international payments, especially in emerging markets.
By joining the AbbeyCross ABX Platform, we will be able to help
global banks and MSBs leverage our global payments infrastructure
to improve cross-border money movement seamlessly.”
1 Some currencies may not apply. For a full list, please visit
wise.com to find out more.
2 Transaction speed depends on individual circumstances and may
not be available for all transactions.
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Media Contacts
Abbey Cross
Tina Kane - The Realization
Grouptina.kane@therealizationgroup.com
Wise
press@wise.com
About AbbeyCross
AbbeyCross improves connectivity and access to global FX
payments partnerships for global banks, MSBs and Real-Time Payment
(RTP) providers. AbbeyCross reduces technical barriers to
integration, addresses compliance and continuity risk, and offers
much-needed price transparency to the fragmented and inefficient FX
payments industry.
Through a single, flexible integration to the AbbeyCross (ABX)
Platform, banks and MSBs access two products that future-proof
their multi-currency, FX payments businesses in a changing world:
ABX Studio provides unique FX market pricing data for greater
transparency, insight and benchmarking. ABX Sync enables users to
act on that insight by executing FX trades with, and sending
payment instructions to, their choice of multiple FX payment
partners.
Based in London, AbbeyCross was founded in 2021.
For more information, please visit www.abbeycross.com
About Wise
Wise Platform is Wise - but for banks, financial institutions
and global enterprises. Wise Platform allows partners to utilise
Wise’s infrastructure, meaning they can embed the best way to send,
receive and manage money into their existing infrastructure,
creating value for their business and customers.
Over the past decade, Wise has built a global payments
infrastructure that has revolutionised how money moves around the
world. Now, thanks to Wise Platform, we allow partners to bring new
products to customers without building it themselves, saving both
time and money. This allows them to innovate quickly and retain and
grow their customer base.
For more information, please visit
https://platform.wise.com/
Media Contacts
Abbey Cross
Tina Kane - The Realization Group
tina.kane@therealizationgroup.com
Wise
press@wise.com