Earthport PLC Cross Border Payment Approval for Banks in India (1914O)
November 03 2016 - 3:00AM
UK Regulatory
TIDMEPO
RNS Number : 1914O
Earthport PLC
03 November 2016
3 November 2016
Earthport plc
("Earthport" or the "Company")
Earthport Plc receives Reserve Bank of India approval for
operating cross border payment services for banks in India
Earthport (AIM: EPO), the leading payment network for
cross-border transactions, is pleased to announce that The Reserve
Bank of India ("RBI") has granted it approval for operating
outbound cross border payment services for banks in India.
The RBI, one of the most respected central banks of the world,
plays an important role in the development strategy of the
Government of India. With $266 billion in exports and $396 billion
in imports for 2015-16, and as the largest remittance-receiving
country in 2015 with an estimated $69 billion of inward
remittances, India is one of the world's most important and fastest
growing markets for cross border payments. Earthport is already
able and active in facilitating inbound payments into India on
behalf of its overseas clients. Now, with this approval from the
RBI, Earthport can also process outbound cross border payments for
banks in India.
Earthport has a payment network of over 60 countries to enable
transactions for the world's largest financial institutions, money
transfer organisations and ecommerce businesses. Through a single
relationship with Earthport, clients seamlessly manage payments to
almost any bank account in the world, delivering significant cost
and operational efficiency.
Mr. Mohan V Tanksale, Chief Executive, Indian Bank's Association
(IBA) said: "I strongly believe that innovative business models
with high levels of compliance and governance standards will play a
key role in achieving the nation's economic development agenda.
With its unique business model, and a proven track record with some
of the largest global financial institutions, I believe that
Earthport can effectively contribute to India's fast evolving
payments ecosystem."
Hank Uberoi, Chief Executive Officer, Earthport Plc said: "We
are absolutely delighted at being granted this approval by the RBI.
India is amongst the fastest growing economies in the world and
plays a very important role in the cross border payments ecosystem
globally. This approval and the IBA's endorsement is a crucial
testimony of the value that Earthport can bring to banks in India.
We are engaged with several of these banks and will share more
details over the coming months."
Sajeev Viswanathan, Executive Director & President, Global
Strategy, Earthport Plc added: "India, with its huge cross border
payment flows, is a critical market for Earthport and we look
forward to working with banks in in the region to deliver an
efficient and cost effective cross border payments solution to
their customers."
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Newgate 020 7653 9848
Bob Huxford / Helena Bogle
020 7653 9848
Panmure Gordon (Nominated Adviser and Joint Broker) 020 7886 2500
Dominic Morley / Fabien Holler / Charles Leigh-Pemberton
N+1 Singer (Joint Broker) 020 7496 3000
Mark Taylor / James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma/ Toby Gibbs
This information is provided by RNS
The company news service from the London Stock Exchange
END
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