19th Mar 2014 11:54
LONDON (Alliance News) - Earthport PLC Wednesday said it has won a three-year contract with Japanese payments company Kyodai Remittance, marking the early stages of its expansion into the Asia Pacific.
In a statement, the AIM-listed cross-border payments company said it expects revenue to begin to come through in the second-half of the current financial year.
Kyodai Remittance will expand to Europe, the US and rest of the world using Earthport's payments service.
Kyodai Remittance currently offers payments to Latin America and South East Asia.
In addition, Kyodai Remittance will utilise Earthport's platform to enter the business-to-business market.
This is the second deal to be signed through Earthport's partner, Global Winning Technologies Corp.
Tokyo-based GWT provides banks, hedge funds and securities firms with a portfolio of software.
"We are just beginning our expansion into Asia Pacific which is of strategic importance to Earthport given the significant amount of cross border payment corridors within this region," Chief Executive Hank Uberoi said in a statement.
"We are witnessing an era of change within the finance world, where financial institutions are choosing to assemble best-of-breed solutions from innovative technology providers to enhance their position in an increasingly competitive and regulated environment," Uberoi added.
Earthport shares were Wednesday quoted at 37.00 pence, up 6.5%.
By Samuel Agini; [email protected]; @samuelagini
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