London/New York – 10 September 2024 – 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 Group tina.kane@therealizationgroup.com
Wise
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/