AbbeyCross, a platform aimed at enhancing connectivity and
access in global FX payments, has announced Wise Platform as its latest payment
partner. Wise Platform, part of Wise, offers global payments infrastructure to
banks and enterprises.
Wise Platform supports international payments through its
technology and network. It connects directly to five payment systems and
collaborates with over 90 banking partners worldwide. This infrastructure
facilitates cross-border payments in over 40 currencies across 160 countries.
Wise Platform Joins AbbeyCross
Wise Platform processes approximately 60% of transfers
instantly, within 20 seconds or less, and at a low cost. With the new
partnership with AbbeyCross, Wise Platform will provide AbbeyCross users with
faster and more transparent FX payment rates. This includes enhanced rates for
emerging markets and an improved settlement process.
“We are very excited to have Wise Platform join the ABX
Platform as one of the founding payment partners,” Mike Robertson, CEO and
Co-Founder of AbbeyCross said.
“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.”
Wise Platform Joins AbbeyCross ABX Platform To Bring Greater Connectivity To Global FX Payments https://t.co/v4I3oh2NRe
— Mondo Visione (@ExchangeNews) September 10, 2024
ABX Platform Offers Multi-Provider Access
The ABX Platform, provided by AbbeyCross, offers clients
access to multiple FX payment providers through a single integration. This
setup delivers a variety of competitive services and transparent FX rates,
contrasting with the limited options of the current bilateral connectivity
model.
AbbeyCross aims to enhance the FX payments market by
reducing technical barriers, addressing compliance and continuity risks, and
providing greater price transparency in a fragmented industry.
“At Wise, our mission is to make moving and managing money
faster, cheaper and more transparent for everyone, everywhere,” Abid Mumtaz,
Head of Commercial at Wise Platform commented.
“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.”
This article was written by Tareq Sikder at www.financemagnates.com.
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