Wise Platform joins AbbeyCross to improve FX payments
Wise Platform joins AbbeyCross to improve FX payments
AbbeyCross, a platform designed to improve the connectivity and availability of global foreign exchange (FX) payments, announced that Wise Platform, the global payment infrastructure provided by Wise, has joined ABX Platform as a new payment partner. This partnership aims to improve cross-border payments by making them faster, safer and more cost-effective for customers around the world.
Wise Platform is known for providing banks, financial institutions and global enterprises with advanced technology and infrastructure to enable seamless international payments. With direct connections to five major payment systems and partnerships with more than 90 banking institutions, Wise Platform facilitates cross-border payments in more than 40 currencies, covering more than 160 countries worldwide. About 60% of Wise transfers are completed instantly, in 20 seconds or less, offering reliable and low-cost services.
The integration of the Wise Platform into the ABX Platform marks a significant step in improving the overall FX payments experience for AbbeyCross users. Using the Wise infrastructure, AbbeyCross customers can expect access to competitive and transparent FX rates, especially in emerging markets, as well as a smoother settlement process. This collaboration reinforces AbbeyCross' mission to simplify and modernize global FX payments.
The ABX platform is designed to provide multilateral access to various FX payment providers through a single integration, GlobeNewswire reported. This approach addresses the limitations of the traditional two-way connectivity model by offering customers, including banks and money services businesses (MSBs), access to a wider range of FX payment options. The platform also focuses on increasing price transparency and reducing the technical complexities and compliance risks that often impede efficient cross-border payments.
Mike Robertson, CEO and co-founder of AbbeyCross, expressed his enthusiasm about Wise Platform joining the ABX platform, “We are delighted to welcome Wise Platform as one of our founding payment partners. Their expertise in real-time foreign exchange payments, especially in emerging market currencies, will enable us to provide our global banking and MSB clients with better choice, increased price transparency and an improved payment settlement experience.”
Abid Mumtaz, Head of Commercial at Wise Platform, echoed this sentiment, emphasizing the shared mission of the two companies: “At Wise, we are committed to making moving and managing money faster, cheaper and more transparent for everyone. The partnership with AbbeyCross fits perfectly with our vision to modernize global financial payments, especially in emerging markets. By joining the ABX platform, we can help banks and MSBs improve cross-border money transfers through our efficient global payment infrastructure.”
This partnership signals significant progress in the foreign exchange payments industry as the two companies collaborate to deliver better international payment solutions to customers around the world.
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