Co-founded by Mike Robertson and Adrian Brown, AbbeyCross is the world’s first B2B trading and compliance marketplace, focused on improving underlying market infrastructure for Emerging Market (“EM”) currencies. AbbeyCross is improving the underlying market infrastructure for EM currencies. Working with global banks, their currency suppliers, and other financial services providers, AbbeyCross removes inefficiencies in the market.

Mike has over 20 years of experience in transactional banking. He was most recently with Bank of America where, since 2013, he was responsible for the global cross-border transactional business. 

Adrian has 25 years of experience in legal, banking and fintech roles. As a lawyer, he acted for banks and multinationals, advising on information technology, electronic commerce, FX, and payments-related matters. 

What inspired you to launch your business and what is the end goal?

In a globalised world, it should be cheaper to transfer money to and from anywhere in the world. However, for many, it remains a significant cost challenge and this is because innovation in foreign currency exchange has tended to focus on developed markets, with Emerging Market (“EM”) currencies trailing behind. And this is despite money transferred to the emerging markets often being urgently more required than in the G10 countries.

The reason behind this problem? The wholesale market for EM payments doesn’t function optimally. To date, there has been no incentive or mechanism for market participants to solve it. At the same time, there are only a handful of people around the world who understand this issue in sufficient detail to solve the problem. Fortunately, Adrian and I are two of them.

Our goal is to work with global banks, their liquidity and settlement vendors, and other financial services providers to remove inefficiencies in this market. In so doing, AbbeyCross brings deeper currency liquidity, price transparency, and improved market data to a fragmented EM currency payment industry.

Tell us about your journey into this market.

Whilst managing and building up a strong cross-border payment franchise for over nine years at the Bank of America, it became evident that banks continue to manage EM payments using an infrastructure that was set 20 years ago. This is unbelievable when one considers the advances within institutional FX trading and associated technology. It was also evident that this was no longer fit for purpose because volumes of cross-border payments to and from the EM have grown; the problem was only getting bigger.

During the pandemic, we began looking at the problem, and possible solutions, in more detail and the core of a team began to form. This was very rewarding and we were able to draw on their experience from their time spent on bank trading desks, within transaction banking teams, across payment companies and associated industry bodies. Consequently, we have an acute understanding of the problems that beset the EM payments industry as a result.

Adrian and I then teamed up and embarked on a six-month journey of proposition testing before deciding to leave our secure jobs to start AbbeyCross. We realised the best solution was to build a new platform and knew we had the opportunity and knowledge to do so.

What plans do you have for AbbeyCross over the next two years?

We are currently partnered with some of the top American banks and payment providers. In the next two years, we plan on bringing more participants to our platform. Ultimately, our aim is to become the standard for managing Emerging Market payments.

We will be able to achieve this through a common access layer and four different products. The first two focus on market data and the supervisory advantage of giving banks transparency when it comes to price benchmarking. The third product and fourth improve order execution and payment routing logic for all market participants.

As General Omar Bradley once said: “Amateurs talk strategy, professionals talk logistics.” I believe this sums up our plans for the next two years well. Get the logistics right, map them to bank capabilities and cadences, and there’s no telling where we could go.

With all the success stories around entrepreneurship and how innovative people have to be to take the leap, how do you think you’ve innovated your sector and why?

With AbbeyCross, we’ve created the world’s first B2B platform that focuses on improving the underlying market infrastructure for EM currencies.

As a result, banks and payment providers have significantly improved access to deeper liquidity for EM currencies as well as the required settlement or payment services. Improved data and greater price transparency for all are also a benefit.

We saw an unserved segment and knew that existing technology could be improved upon to benefit all players. I guess that’s the real innovation.

What is your day-to-day role with the company?

As the CEO, I get up in the morning, worry about everything, and then go back to sleep! Joking aside, my primary role is to focus on our vision, making sure we have the funds to support that plan and ensuring we have the team to deliver the product to our customers.

As CEO, everything comes to me eventually, so I keep a running list of things to do, schedule my days carefully and ensure I make time for my family and for exercise for my own well- being.

It’s easy to get distracted with work as an entrepreneur so I like to take long bike rides on the weekend where I’m able to reflect and reboot the system. I also stay disciplined by maintaining boundaries with work and home on the weekend. I start very early and put the hours in but once I’m done for the day, I don’t typically touch work issues unless it is critical. It’s important to put things aside at the weekend to prevent burnout in the long term.

What’s the most important question entrepreneurs should be asking themselves?

The most important question I could pose to other entrepreneurs is “Why?”: Why this idea? Why you? Why now?

I have met two types of entrepreneurs; those who become entrepreneurs by actively seeking a problem to solve, and those who become entrepreneurs because they were presented with a problem in their current existence that should be solved. There is a difference.

I identify more with the second group. Those who relate to the first group need to be clear on their purpose and why they do what they do since there will always be a reason why you started. Entrepreneurs who aren’t linked to a true outcome and their deeper ‘why’, seem to struggle in the long term.

How did you conquer those moments of doubt that so often affect entrepreneurs or stop many with great ideas – what pushes you through?

I think the idea of being an entrepreneur is very different to the reality of being one. Those working within the banking or corporate sectors that think of becoming entrepreneurs, for whatever reason, can be held back by the security and benefits the job provides. This is totally understandable...I’ve been there.

You’re going to have doubts. However, it's important to identify the difference between the anxiety created by doubt and the realities of dealing with associated actions. Recognising what is within your control involves addressing the facts, instead of worrying about feelings of doubt, which only impacts effectiveness.

How well-versed were you in the planning and strategic growth of your business? Did this come easy to you?

I see myself as someone who builds teams and the team builds the businesses. I understand the difference between a strategic plan and the tactical steps one takes to achieve it. When creating AbbeyCross, Adrian and I set out to build a team who have collectively spent decades within transaction banking teams, on banking trading desks and across payment providers but who also have the curiosity to question the status quo.

Some parts of this come easier to me than others and I’m constantly learning. I frequently discuss thoughts and ideas with others who are on a similar journey, or whose opinions I value, but also those that challenge my own preconceptions and ideas. It is an ongoing learning process.

Working with a co-founder can be tricky, so understanding and compromise is important. How have you both found the process of building a business together? What makes it work?

Tricky isn’t a word I’d use. Working alongside my co-founder, Adrian is a rewarding process that brings opportunities to step outside my comfort zone. When it comes to making tough decisions, he challenges me as much as I challenge him. It’s fun and I’m really enjoying it.

Of course, it requires a certain discipline to be able to work with a co-founder. We do occasionally differ on opinions but that’s what I signed up for and I completely trust Adrian’s judgement.

How is digitisation empowering your business?

In the banking sector, within the last 10 to 15 years, investment has been at the front end of banking. The operational or back-end has not received the same level of investment attention. This is an issue we are looking to change at AbbeyCross.

AbbeyCross’ new infrastructure for EM payments will be a centre for digital innovation. It includes enhanced AI use and trading, compliance improvement, and much-needed reporting features. It focuses on both the demand side (payment companies and large banks) as well as the supply side (specialist aggregators, payment companies, regional banks, and local EM banks).

Digitisation requires centralised data but it enables improved automation, standardisation, and improved workflows. Our partners within the banking sector operate in highly regulated environments and are hamstrung by legacy processes and systems.

AbbeyCross will bridge this gap and aid in both cost and risk reduction as well as helping banks drive their innovation agenda.

Why do you think your business has had such a positive impact across your industry?

AbbeyCross is the world’s first B2B platform to focus on improving the underlying market infrastructure for EM currencies. We do this, not by competing with existing participants, but by collaborating with them.

Working with global banks, payment companies and their liquidity providers, AbbeyCross brings deeper currency liquidity, price transparency, and market data to an industry where managing EM currencies cost the industry approximately $10 billion each year. Many banks and payment providers are trading over 120 currencies, without full market discovery. This cannot be described as a ‘functioning’ market.

AbbeyCross resolves these inefficiencies, by bringing greater transparency and efficiency to a fragmented EM currency payment industry. I believe Emerging Market payments will become a bigger and healthier segment of the FX market, for people and institutions, because of AbbeyCross.