Earthport targets Asia for expansion

Earthport, the London-based cross-border payments company, has revealed it plans to expand into Asia following its deal with Turkish Aktif Bank.

Earthport, the London-based cross-border payments company, has revealed it plans to expand into Asia following its deal with Turkish Aktif Bank.

The company, having signed big contracts with Bank of America and HSBC in recent months, is growing its base of countries at a rate of two per quarter. Earthport currently operates in around 60 countries.

Paul Thomas, director of sales at Earthport, told EPI: "We do have a lot of activity in Asia and we are aggressively developing our network in Asia and we’re present in over a dozen countries in Asia and Australisia and we are growing our payment capability in Asia."

Thomas added: "Developments for Earthport in the Asian market are going to be strengthened by our relationship with Aktif Bank."
Earthport is to increase Aktif’s international payments processing automation and offering payments in local currencies.
Hank Uberoi, CEO of Earthport, said: "Aktif Bank is a solutions-focused bank and market leading in the fast developing Turkish market.

"As part of our expanding global client base, we are delighted to partner with them as our first client in Turkey. We look forward to supporting their customers’ needs for predictable, cost-effective international trade payments and person-to-person remittances."
The move aims at helping the bank’s corporate customers to trade internationally and the retail customers of its Universal Payment Transfer service to make more cost effective cross-border payments.

Önder Halisdemir, CEO of Aktif Bank, commented: "Earthport’s ability to provide international payment clearing services locally to many markets around the globe, together with sophisticated validation services, predictable settlement dates and transaction reporting was an attractive proposition. It gives us scope to build services we believe our customers will find compelling."
Aktif Bank – which offers retail, investment and regional banking services – has been partnering with Earthport since 2012 over local bank payment clearing in Turkey.

The British company – which is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 – provides some big institutions worldwide, such as Bank of America or Western Union.

In May, Earthport partnered with HSBC in order to expand the coverage of the bank’s disbursement network.

More recently, it secured a partnership with State Street, an American financial services and investment manager.

 

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