UK-based Crown Agents Bank (CAB) has announced a strategic collaboration with Visa to revolutionize cross-border payments, focusing on improving “last mile” payment processes in emerging markets. This partnership will see CAB integrate its extensive foreign exchange (FX) and cross-border payment services with Visa Direct, Visa’s real-time payment platform.
The integration aims to streamline the transfer of low-value payments, making them more cost-effective across emerging markets. This initiative is expected to optimize the handling of large volumes of small transactions, which often face higher costs due to regulatory interpretations in these regions.
Visa’s network boasts connectivity to over 8.5 billion endpoints, including accounts, digital wallets, and cards, spanning more than 190 countries and territories. CAB supports over 100 currency types across 700+ currency pairs, facilitating £9.3 billion in flows into lower-income markets and £3.1 billion in development aid last year.
CAB CEO Neeraj Kapur highlighted, “Our combined capabilities and expertise enable us to reduce the cost and friction associated with moving money across hard-to-reach markets.” This collaboration is set to enhance the efficiency and accessibility of cross-border payments, benefiting both businesses and consumers in emerging markets.
