CAB Payments said that by combining its Crown Agents Bank network with Visa Direct, the collaboration aims to enable its clients to make cross-border payments "quickly, efficiently and reliably".

The London-listed group added that it had facilitated £9.3bn of flows into lower-income markets and £3.1bn of development aid flows in FY23.

Chief executive Neeraj Kapur said: "This collaboration is hugely significant for our clients. Our combined capabilities and expertise mean we're able to reduce the cost and friction associated with moving money across hard-to-reach markets: getting more funds delivered more efficiently to those who need it the most".

As of 0935 BST, CAB Payments shares were up 5.72% at 114.60p.

Reporting by Iain Gilbert at Sharecast.com