CAB adds new payment modalities gained through its acquisition of Segovia

The combination of the cutting-edge payment capabilities of Segovia and the deep routed relationships fostered by CAB across its core markets in Africa and the Caribbean makes for a compelling offering that will see CAB rapidly move into supporting a much higher level of inbound flow of funds into the Caribbean and Africa.  

First Published by e-Forex News: March, 2020

 Simon Huckle
Simon Huckle

Crown Agents Bank (CAB) has been active across the Caribbean for over 185 years responding to the evolving needs of its clients. Historically, its focus has been on the specialist provision of Global Markets Treasury and Foreign Exchange services to central banks and, increasingly, indigenous commercial banks that service underlying domestic retail and SME clients.

In recent years the withdrawal of correspondent banking services by US and other global clearing banks in addition to some banks divesting from the Caribbean market altogether, has made for a very difficult operating environment.  CAB has remained committed to the region and embraced the challenges facing many of the commercial and central banks across the islands. CAB has worked with many local banks to ensure their Anti-Money Laundering (AML) and Anti-Financial Crime (AFC) compliance controls are consistent with modern international standards. This work has in many cases provided banks with a valuable lifeline to international payment clearing services enabling small/medium sized economies to continue to develop and delivering against one of CAB’s core values; Financial Inclusion. Consequently, to the best of CAB’s knowledge, there is now no island left without correspondent services or disconnected from the international financial community.

Alex Katsaros
CAB is looking to support a much higher level of inbound flow of funds into the Caribbean

To further its financial inclusion agenda, In July 2019 CAB acquired Segovia, a New York based fintech specialising in cross border mobile remittances into 11 sub-Saharan African markets. The combination of the cutting-edge payment capabilities of Segovia and the deep routed relationships fostered by CAB across its core markets in Africa and the Caribbean makes for a compelling offering that will see CAB rapidly move into supporting a much higher level of inbound flow of funds into the Caribbean and Africa.  

Commenting on the acquisition, Simon Huckle, Regional Banker, Caribbean and APAC says, “Today, as CAB continues to deepen and expand our unique payment network, we are actively adding additional payment modalities to the mobile capabilities gained through our acquisition of Segovia. The focus remains on fostering financial inclusivity and access across our core markets. CAB aspires to be the partner of choice for any international development organisations, governments, commercial banks and non-bank financial institutions, that requires wholesale FX and cross-border payment services within emerging and frontier markets. Our model is one where we leverage deep, trusted commercial and central bank relationships across our core markets and add digital payments technology to make a real difference to the clients that we serve across developed, emerging and frontier markets.”