Crown Agents Joins AbbeyCross FX Platform

Crown Agents Bank has announced a “strategic partnership” with AbbeyCross to provide FX payments to emerging markets via the latter’s ABX platform, making it “one of the first banks to join as a payment provider”.

The companies say the collaboration will see Crown Agents Bank provide AbbeyCross users with emerging market FX rates, access to its network and 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. Users are 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, AbbeyCross adds.

“Financial institutions are struggling to access hard-to-reach markets, especially as counterparties retreat from these increasingly underserved and challenging geographies,” observes Colin Digby, head of strategic client coverage of Crown Agents Bank. “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, adds, “[Crown Agents’] 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.”