Wise Platform, the global payments infrastructure developed by Wise, has partnered with AbbeyCross to enhance the efficiency and transparency of international foreign exchange (FX) payments.
AbbeyCross connects banks and money service businesses (MSBs) with multiple FX providers through a single platform, addressing the fragmentation and inefficiencies in cross-border payments.
With Wise Platform joining the ABX Platform, users gain access to faster, lower-cost international payments, especially in emerging markets. This partnership aims to modernise global payment systems and improve the overall experience for banks, MSBs, and their customers.
The components of this infrastructure enable a service which is reliable and fast, with around 60 per cent of transfers completed instantly (in 20 seconds or less) at low cost.
The collaboration
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.”
While Abid Mumtaz, head of commercial at Wise Platform, also added: “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.
