AbbeyCross

AbbeyCross was founded to solve a problem that affects banks, payment companies, NGOs and, most importantly, their clients, donors and beneficiaries across the emerging markets. There has been a significant amount of criticism levelled at banks and payment companies regarding the cost of payments to emerging market countries. The truth, however, is... that there are structural problems with the wholesale market that no bank or payment company can solve on its own. Legacy bank technology, operational and regulatory complexity across the emerging markets, and the absence of clear market conventions among providers of FX and payments to emerging countries have all held the industry back. In summary, there is no functioning wholesale market. Their founders have deep experience in banks and payment companies and grappled with these issues for a number of years. In 2021, they decided to speak to their peers across the industry to discuss the issues and propose a solution. AbbeyCross was born out of these discussions.Read More