EPO Earthport Plc

TIDMEPO

RNS Number : 6110P

Earthport PLC

21 November 2016

21 November 2016

Earthport plc

("Earthport" or the "Company")

Earthport selected by Axis Bank to provide outbound cross-border payment services

Earthport (AIM: EPO.L), the leading payment network for cross-border transactions, has signed an agreement with Axis Bank, India's third largest private sector bank, to enable outbound cross-border payments for its clients through Earthport's global payments network.

Following the recent approval by The Reserve Bank of India (RBI), which allows Earthport to provide outbound cross-border payment services to banks in India, Axis Bank will become the first bank in India to connect with Earthport's global payments network, which spans over 60 countries.

Axis Bank joins a growing number of major banks that can, through a single connection with Earthport, send payments seamlessly to almost any bank account in the world on behalf of its clients, while delivering a faster, more efficient and cost-effective service.

This agreement also marks Earthport's entry into India, in line with its strategy to become the preferred provider of cross-border payment services to major banks, financial institutions, ecommerce companies and other payment aggregators globally.

Sidharth Rath, Group Executive, Corporate Banking, Axis Bank said: "Through this strategic partnership with Earthport, we shall offer our customers faster remittances with complete transparency on the final amount and time taken to credit beneficiaries overseas with real-time end-to-end tracking."

Hank Uberoi, Chief Executive Officer, Earthport Plc, said: "This agreement with Axis Bank, one of the most tech-savvy banks in the country, is testimony to our pioneering cross-border payments capabilities. Earthport's vast global network and unique business model, together with our deep market and regulatory expertise, positions us as a reliable partner to banks in India, as they shape the exciting and promising economic future of the country."

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

About Earthport

Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.

Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 60+ countries and an evolving suite of currencies and settlement options.

Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.

The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.

Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.

Please visit www.earthport.com for more information.

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRFFSFIAFMSESF

(END) Dow Jones Newswires

November 21, 2016 02:00 ET (07:00 GMT)

Earthport (LSE:EPO)
Historical Stock Chart
From Mar 2024 to Apr 2024

Earthport (LSE:EPO)
Historical Stock Chart
From Apr 2023 to Apr 2024