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.
Our 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.
Our leadership team
The AbbeyCross team have over 100+ years experience in Payments and FX trading. With decades spent on bank trading desks, within transaction banking teams and across payment companies and associated industry bodies, the AbbeyCross team has an a deep understanding of the challenges faced by the emerging markets payments industry.