AbbeyCross and Wise Platform have forged a new partnership to enhance global FX payment systems.
AbbeyCross, a platform dedicated to boosting connectivity and access in the global FX payment arena, announced the inclusion of Wise Platform, the infrastructure arm of Wise that serves banks and global enterprises, as a new payment partner on the ABX Platform.
The collaboration aims to provide AbbeyCross users with access to faster, more transparent, and cost-effective FX payment rates, focusing on improved settlement experiences, especially in emerging markets.
AbbeyCross operates a unique platform designed to enhance the FX payment market infrastructure. It facilitates access for banking and money service business (MSB) clients to a multitude of FX payment providers through a single integration. This model allows for competitive services and transparent FX rates, which is a significant upgrade over the traditional bilateral connectivity models that tend to limit choices to single providers.
Wise Platform equips banks, financial institutions, and global enterprises with the necessary technology and network to execute secure, swift, and economical international payments. The platform boasts direct connections to five payment systems and partnerships with over 90 banks worldwide, facilitating currency exchanges across more than 160 countries in over 40 currencies. Approximately 60% of these transactions are completed instantaneously, often within 20 seconds, underscoring the efficiency of Wise’s infrastructure.
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, echoed this sentiment, emphasizing their shared goal to modernize the global financial payment system. “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.”
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