AbbeyCross Case Study
Co-Creating with AbbeyCross to Transform the FX Payments Landscape
About
The AbbeyCross ABX Platform improves connectivity and access to global FX payments partnerships for global banks, MSBs and payment providers. AbbeyCross reduces technical barriers to integration, addresses compliance and continuity risk, and offers much-needed price transparency to the fragmented and inefficient FX payments industry.
About
The AbbeyCross ABX Platform improves connectivity and access to global FX payments partnerships for global banks, MSBs and payment providers. AbbeyCross reduces technical barriers to integration, addresses compliance and continuity risk, and offers much-needed price transparency to the fragmented and inefficient FX payments industry.
CHALLENGE
Outdated FX Payments Technologies, Operational and Regulatory Complexities
The first-hand experience of AbbeyCross founders with respect to the outdated technologies and operational and regulatory complexities that dominate the global FX payments landscape, particularly in emerging markets – and the lack of clear market conventions among FX and payments providers in supporting these markets – demanded a new approach and solution built on the foundations of best-in-class, proven and trusted financial transaction technologies.
AbbeyCross initially engaged a third-party trading technology company to build out a tactical ‘Proof of Concept’ for its proposed platform. It then pivoted to a longer-term strategic approach of engaging specialist service providers such as Chronicle to work alongside its own development teams.
This nimble and agile approach resulted in faster design and development timelines for a number of phased ABX Platform initiatives coming to market in 2024.
SOLUTION
Specialist Advisory Services, Dedicated Software and Award-winning Technologies
The ABX Platform delivers a single, flexible integration to products that aim to future-proof FX payments businesses in a changing world. ABX Studio, launched in May 2024, provides unique FX payments market pricing data from multiple sources for greater transparency, insight and benchmarking. ABX Sync will enable users to act on these insights to optimise transaction execution and to send payment instructions to multiple FX payment partners.
Chronicle continues to work closely with AbbeyCross to provide specialist advisory services, dedicated software development resources and proprietary, award-winning technologies to the ABX Platform. Chronicle resources work directly alongside in-house and other third-party software engineers; we have also contributed directly to the selection and appointment of these resources.
RESULTS
Ongoing, Expert Consultancy and Trusted Software
An integral partner in the successful build and accelerated go to market of the ABX Platform, Chronicle continues to provide:
- Ongoing, expert consultancy/advisory and high-quality software solutions
- Dedicated, specialist Chronicle developer and engineer resources
- Advice in vendor selection processes for hardware and cloud-based service providers supporting solution delivery
- Support in recruitment of appropriate skilled in-house resources (technology/software expertise)
Products Used
Chronicle Tune is software that automatically configures your OS for optimal performance based on our knowledge and expertise.
A FIX Engine with high availability and microsecond latency, utilised for upstream and downstream connectivity.
A framework for developing event-driven architecture/microservices for custom pricing, hedging and algo strategies.