London, United Kingdom, 21 May 2024 – Crown Agents Bank, the UK-regulated bank, specialising in FX and cross-border payments for emerging and frontier markets globally, announces 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 one of the first banks to join the ABX Platform as a payment provider.
Crown Agents Bank handles cross-border payments in 100+ currencies across 700+ currency pairs. Through the ABX Platform, Crown Agents Bank will provide AbbeyCross users with competitive Emerging Market FX (EM FX) rates, efficient access to its global network and innovative cross-border payments solutions for fast and efficient settlement.
The ABX Platform provides direct access to multiple payment providers for competitive, payment-relevant FX rates in emerging market currencies. Through a single integration, wholesale market participants including commercial banks, Money Services Businesses (MSBs), NGOs and Charitable Trusts can access transparent and relevant pricing information for EM currencies. Users will be able to compare multiple rates and service providers and in turn, payments providers will be able to reach a much wider and deeper network of potential customers.
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.”
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About Crown Agents Bank
Crown Agents Bank (CAB) is a UK-regulated FX and payments service provider, specialising in global FX and cross-border payments for hard-to-reach markets.
Unlike traditional banks, CAB’s unrivaled network, technology, and expertise means it can move money in the most complex situations, to the most challenging markets, for organisations that expect the most.
Trusted by Blue Chip organisations across the globe, CAB connects its clients to underserved geographies rapidly, consistently, and equitably so money can move efficiently to where it’s needed. Offering a single API for all FX and cross-border payments, covering 100+ markets and currencies across 700+ currency pairs. Its extensive global network of partners allows CAB to offer competitive prices and fast, reliable settlement.
CAB is one of the first banks to achieve B Corporation™ status. The bank was awarded the Gold Sustainability Rating by EcoVadis in 2022, 2023 & 2024 - ranked within the top 94% of 94,000 companies assessed across 160 countries and over 200+ industries.
For more information, please visit: https://www.crownagentsbank.com/
About AbbeyCross
AbbeyCross is 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. ABX Sync gives users the ability to act on that insight by executing FX trades and sending payment instructions to their EM FX payment partners. Based in London, AbbeyCross was founded in 2021.
For more information, please visit www.abbeycross.com
Media Contacts:
For Crown Agents Bank contact:
CCGroup | crownagentsbank@ccgrouppr.com
For AbbeyCross contact:
Tina Kane, The Realization Group | tina.kane@therealizationgroup.com