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 Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term process.

“We are very excited to have Wise Platform join the ABX Platform as one of the founding payment partners,” said Mike Robertson, CEO and Co-Founder of AbbeyCross.

“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 Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term 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,” commented Abid Mumtaz, Head of Commercial at Wise Platform.

“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,” he concluded.