21st Jul 2014 10:22
LONDON (Alliance News) - Cross-border payments company Earthport PLC Monday said that it has inked a deal to partner with Eurogiro, the payments network for postal organisations, banks and financial institutions, which will extend services to Eurogiro members for international low value clearing to the 60 countries where Earthport facilitates local payments and enable to payments company to connect to Eurogiro members' client base.
In a statement Earthport said that integration of the networks will be completed over the next few months, followed by promotion of the service to members. As well as providing Eurogiro members the benefits of low value clearing, Earthport said it plans to extend its clearing network to postal accounts through Eurogiro member agreements.
"Having Earthport join as a member is a very valuable addition to the Eurogiro community. Earthport's business model cuts cost and adds eficiency to traditional correspondent banking methods by tapping direct into the national clearing systems for account transfers. The connection to Earthport provides, especially for our postal members, a great opportunity to expand out-bound as well as in-bound business," Eurogiro Chief Executive Michel Stuijt said in a statement.
Earthport shares were Monday quoted up 0.5% at 46.72 pence.
By Samuel Agini; [email protected]; @samuelagini
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