TIDMEPO
RNS Number : 9959M
Earthport PLC
03 August 2017
3 August 2017
Earthport plc
("Earthport" or the "Company")
Earthport Partners with Kotak Mahindra Bank to Provide
Cross-Border Payment Capabilities Across Select Global Markets
Earthport (AIM: EPO.L), the leading network for cross-border
payments, is pleased to announce that it has partnered with Kotak
Mahindra Bank, a leading private sector bank in India, to provide
cross-border payment capabilities across select global markets.
Kotak Mahindra Bank is India's fourth largest private sector
bank with a pan-India footprint, as of 30 June 2017, of 1,362
branches spread across 689 locations and 2,173 ATMs. The
partnership with Earthport gives Kotak Mahindra Bank cross-border
payment capabilities across all transaction types between India and
the US, UK, Europe, Canada and Singapore.
Earthport was selected by Kotak Mahindra Bank due to the
superiority of its solutions over traditional cross-border payment
methods. Earthport provides its clients access to fast,
transparent, secure and cost effective payments globally, through a
single contract, a single technical integration and a single
service relationship.
KVS Manian, President - Corporate, Institutional &
Investment Banking, Kotak Mahindra Bank, said: "Kotak Mahindra Bank
is on the cusp of its next growth phase and our partnership with
Earthport couldn't have been signed at a more appropriate time. We
are witnessing increasing demand from our customers, which is why
we are continuing to expand our cross-border payment capabilities
in select global markets. We are confident that Earthport's
services will complement our offerings and further strengthen our
capabilities in serving our clients."
Hank Uberoi, CEO of Earthport said: "We are delighted with this
agreement with Kotak Mahindra Bank and look forward to working
together. This relationship increases our presence in Asia while
further cementing Earthport's position as the number one provider
for cross-border payments."
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.
About Kotak Mahindra Bank Limited:
Established in 1985, Kotak Mahindra Group is one of India's
leading financial services conglomerates. In February 2003, Kotak
Mahindra Finance Ltd. (KMFL), the Group's flagship company,
received banking license from the Reserve Bank of India (RBI),
becoming the first non-banking finance company in India to convert
into a bank - Kotak Mahindra Bank Ltd.
Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak
Mahindra Bank Ltd. As on June 30, 2017, Kotak Mahindra Bank Ltd,
has a national footprint of 1,362 branches spread across 689
locations and 2,173 ATMs.
The Bank has four Strategic Business Units - Consumer Banking,
Corporate Banking, Commercial Banking and Treasury, which cater to
retail and corporate customers across urban and rural India.
For more information, please visit the company's website at
http://www.kotak.com/.
For further information, please contact:
Earthport plc
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial
Officer 020 7220 9700
Newgate
Bob Huxford/James Browne/James Ash 020 7653 9848
N+1 Singer (Nomad and Joint Broker)
Mark Taylor / James White 020 7496 3000
Shore Capital (Joint Broker)
Bidhi Bhoma/ Toby Gibbs 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTGUGDIGUGBGRX
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August 03, 2017 02:01 ET (06:01 GMT)
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