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1 Year : From Apr 2017 to Apr 2018
RNS Number : 9959M
03 August 2017
3 August 2017
("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."
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:
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial
Officer 020 7220 9700
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) Dow Jones Newswires
August 03, 2017 02:01 ET (06:01 GMT)