CHRONICLE AND ABBEYCROSS COLLABORATE TO BUILD NEW GLOBAL FX PAYMENTS PLATFORM
London, Sydney, Singapore – 31 July 2024 – 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Mike Robertson, Co-founder and CEO, AbbeyCross said: “Our first hand experience of the outdated technologies, and operational and regulatory complexities associated with FX payments – and the lack of clear market conventions among service providers –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.”
