UK-based fintech Chronicle Software has partnered with AbbeyCross to develop together a global FX payments platform. Chronicle Software, a provider of low latency microservices and technology solutions to financial markets service providers, is joining forces with AbbeyCross, the company reducing integration challenges and transparency, compliance, and continuity risk in the FX payments industry, to co-create the ABX Platform, which aims to address integration challenges, transparency, compliance, and continuity risks in the fragmented FX payments industry.

Enhances FX payment integration with ABX Studio and Sync ABX Platform provides a single, flexible integration to global FX payments prices from multiple banks and real time payments platforms. In a continuing engagement that leverages Chronicle’s specialist software engineering and development expertise and resources, the first ABX Platform product, ABX Studio, went live in May 2024. ABX Studio provides unique FX market price data to global banks, MSBs, and NGOs to support greater price transparency, insights, and rate benchmarking capabilities.

The next service to be launched, ABX Sync, will enable users to act on these insights to optimise transaction execution and send payment instructions to multiple FX payment partners. Commenting on this partnership, representatives from Chronicle said their successful engagement with AbbeyCross is another financial services industry endorsement of their commitment to bridging the gap between ‘buy and build’, and the delivery of technology innovation and exceptional performance that enables financial firms to shorten time to market, optimise capital investment, and maximise resource capabilities and capacity. Officials from AbbeyCross highlighted the need for a new solution due to outdated technologies and complexities in the FX payments industry.

By co-creating with pilot banks, technology vendors, and Chronicle, they developed a cutting-edge platform. AbbeyCross praised Chronicle's reputation, expertise, and agile approach, which accelerated development and reduced time to market for the ABX Platform, including ABX Studio. .