16th Sep 2013 09:21
LONDON (Alliance News) - Payments service provider Earthport PLC said Monday that its network had been selected by start-up Azimo to underpin the company's online money transfer platform.
In a statement, Earthport that the combination of its payment capabilities with Azimo's mobile-, social- and web-based customer interface would enable consumers to send money back home "faster, more securely, and at lower prices".
The company did not give details of how much was being paid under the tie-up.
In comments, Azimo Chief Executive Officer Michael Kent said that Earthport's robust platform, broad network and low cost structure had secured them the deal.
Michael Kent, Azimo's chief executive, said: "Azimo's mission is to deliver fast, simple and above all low-cost money transfers to Europe's hard working migrants. Payments to bank accounts are an increasingly important part of what we do. We chose to work with Earthport because they have the robust platform, broad network and low cost structure allowing us to better serve our customers."
Noted Paul Thomas, executive director at Earthport: "Our recent partnership with IFC demonstrates the importance global development organisations place on facilitating secure, reliable money transfer services to developing markets. We believe the Azimo service will build on the Earthport platform to further accelerate the ability of the currently un-banked and under-banked to take part in global commerce - and increase financial inclusion in developing nations."
Shares in Earthport were trading at 21.87 Monday morning, up 0.37p, or 1.7%. Azimo is not listed.
By Philip Nye; [email protected]
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Earthport