Crown Agents Bank, a UK-regulated bank specializing in FX and cross-border payments for emerging and frontier markets, has announced a strategic partnership with AbbeyCross to provide FX payments to emerging markets via the ABX Platform, a marketplace for emerging market FX and payments.
Crown Agents Bank is among the first banks to join the ABX Platform as a payment provider.
Handling cross-border payments in over 100 currencies across more than 700 currency pairs, Crown Agents Bank will leverage the ABX Platform to offer AbbeyCross users competitive Emerging Market FX (EM FX) rates and efficient access to its global network. The platform aims to provide innovative cross-border payment solutions for fast and efficient settlements.
The ABX Platform offers direct access to multiple payment providers for competitive, payment-relevant 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, allowing payment providers to reach a broader and deeper network of potential customers.
Colin Digby, Head of Strategic Client Coverage at Crown Agents Bank, stated, “Financial institutions are struggling to access hard-to-reach markets, especially as counterparties retreat from these increasingly underserved and challenging geographies. The AbbeyCross ABX Platform is crucial as it addresses the technical integration challenges and transparency dynamics, providing easy single access to these markets via multiple LPs. It’s a game-changer for us, the institutions we serve, and the wider market.”
Mike Robertson, CEO and Co-Founder of AbbeyCross, added, “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, improved price transparency, and a more efficient settlement experience. This enables market participants to deliver better service levels to their customers and stakeholders.”