CHRONICLE AND ABBEYCROSS COLLABORATE TO BUILD NEW GLOBAL FX PAYMENTS PLATFORM
July 31 2024 - 2:30AM
Chronicle Software (Chronicle), specialist provider of low-latency
microservices and technology solutions to financial markets service
providers, is collaborating with AbbeyCross, the company reducing
integration challenges and transparency, compliance and continuity
risk in the fragmented FX payments industry, in the co-creation of
its innovative ABX Platform.
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.
AbbeyCross initially engaged a third-party trading technology
company to build out a tactical ‘Proof of Concept' before engaging
specialist service provider Chronicle to work directly alongside
its internal development teams (and other service providers). This
approach resulted in faster design and development timelines for
the development and phased launch of ABX initiatives in 2024.
Chronicle continues to work closely with AbbeyCross, providing
specialist advisory services, dedicated software development
resources and proprietary software solutions.
Peter Lawrey, CEO and Founder, Chronicle said: “Our
successful engagement with AbbeyCross is another financial services
industry endorsement of our 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. We look forward to continuing to
work with AbbeyCross on future ABX Platform product innovations
that support a more efficient FX payments landscape.”
Mike Robertson, Co-founder and CEO, AbbeyCross said: “Our
first hand experience of the outdated technologies, and operational
and regulatory complexities associated with FX payments - and the
lack of clear market conventions among service providers - demanded
a new solution built on the foundations of best-in-class, proven
and trusted financial transaction technologies. Our approach has
been a process of co-creation with pilot banks, technology vendors
and payment partners. Through working closely with Chronicle, it’s
apparent why 8 out of 11 of the world’s investment banks work with
them to deliver high performance trading and transaction processing
solutions.”
Ben McConnell, AbbeyCross CTO, said: “From the outset,
Chronicle has proved to be a great fit for AbbeyCross, enabling us
to very quickly reap the benefits of its reputation, expertise and
trusted technology. We have been especially impressed with the
responsiveness, flexibility and agility of their service delivery.
Their agile approach has resulted in accelerated design and
development timelines and reduced time to market for ABX Studio and
other Platform initiatives coming to market in 2024.”
ENDS
Media Contact:
Tina Kane The Realization Group
tina.kane@therealizationgroup.com
About Chronicle
Chronicle Software works with clients
to co-develop bespoke, low-latency/high throughput automated
trading execution systems using microservices architecture and
proprietary methodologies. Today, 8 of the top 11 investment banks,
exchanges, hedge funds, and crypto trading firms are using
Chronicle’s high performance, low-latency solutions to improve
trading efficiency.
Chronicle solutions offer the best of
“buy and build” enabling bespoke solutions to be bui;t using
production-proven software. Microservices architecture allows users
to instantly deploy core trading infrastructure, reducing a
multi-year build to a matter of months. Core design principles are
built around ensuring that client infrastructure operates
efficiently even in the most turbulent and volatile times. Popular
open-source libraries create a suite of Enterprise products that
help to supercharge the development of low latency, high throughput
trading applications
To find out more contact
info@chronicle.software
About AbbeyCross
AbbeyCross 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.
Through a single, flexible integration
to the AbbeyCross ABX Platform, banks and MSBs access two products
that future-proof their multi-currency, FX payments businesses in a
changing world. ABX Studio provides unique FX market pricing data
for greater transparency, insight and benchmarking. ABX Sync
enables users to act on that insight by executing FX trades with,
and sending payment instructions to, their choice of multiple FX
payment partners.
Based in London, AbbeyCross was founded in 2021.
For more information, please
visit www.abbeycross.com
Media Contact:
Tina Kane
The Realization Group
tina.kane@therealizationgroup.com