Crown Agents Bank ( CAB ) and Visa have announced a partnership to enhance payment and foreign exchange services. The partnership focuses on the final stage of payment processes known as the 'last mile.'  CAB, a UK-regulated financial institution, specializes in foreign exchange and cross-border payments, particularly in challenging markets.

Visa has previously utilized CAB to provide foreign exchange liquidity for high-value transactions, including bank-to-bank transfers and large institutional payments in specific regions. The new collaboration will integrate CAB’s network, which supports over 100 currencies and more than 700 currency pairs, with Visa Direct. Visa Direct allows for the transfer of money to eligible cards, accounts, and digital wallets worldwide.

This integration aims to facilitate cost-effective, lower-value payments in emerging markets, allowing direct settlement into the recipient's chosen card, account, or wallet. This development is expected to simplify the disbursement of funds by NGOs, enhance efficiency for remittance companies, and reduce costs for businesses making smaller payments. Historically, processing low-value payments in emerging markets has been difficult due to higher costs and regulatory challenges in higher-risk jurisdictions.

The integration will support the management of high volumes of small transactions across Visa Direct’s network, which reaches over 8.5 billion endpoints, including accounts, digital wallets, and eligible cards in more than 190 countries. About CAB Crown Agents Bank, regulated in the UK, is known for its expertise in foreign exchange and cross-border payments, particularly in complex financial markets. It connects clients to underserved regions and provides various transaction solutions through multiple channels.

CAB has achieved B Corporation™ status and received the Gold Sustainability Rating from EcoVadis for three consecutive years, ranking among the top 5% of assessed companies globally. .