Earthport PLC Earthport announces partnership with Cross River (6585Q)
September 14 2017 - 02:00AM
UK Regulatory
TIDMEPO
RNS Number : 6585Q
Earthport PLC
14 September 2017
14 September 2017
Earthport Plc
("Earthport" or the "Company")
Earthport announces partnership with Cross River, strengthening
inbound payment capabilities across the US
Earthport (AIM: EPO), the leading payment network for
cross-border transactions, is pleased to announce its partnership
with Cross River, a US-based bank, to provide inbound cross-border
payment services across the US market, adding to its existing
capabilities to process payments in the US.
Founded in 2008, Cross River is a New Jersey State Chartered
FDIC-insured bank. The bank combines technology and innovation with
a commitment to industry best practices in regulatory compliance
and service to build fully compliant and integrated solutions for
the marketplace lending and payment processing arenas.
The partnership will facilitate the execution of inbound ACH
payments through Cross River, and further strengthen Earthport's
global payment network, enabling high volumes of low-value payments
originating outside the US to be serviced more efficiently. The new
partnership also aligns with Cross River's commitment to innovation
and greater market efficiency.
Earthport has a payment network of over 65 countries and enables
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, resulting in significant cost
reductions and operational efficiency.
Gilles Gade, CEO of Cross River, said: "Earthport's extensive
payment network, along with its commitment to compliance, made the
company a natural partner for Cross River. I'm looking forward to
working with an innovator and payment visionary like Hank Uberoi,
who has built a world-class service provider that is disrupting the
global money transfer industry."
Hank Uberoi, CEO of Earthport, commented: "We are delighted to
be working with Cross River to execute payments across the US
market. We view this as an exciting partnership with a company that
embraces innovation, new technologies and market efficiencies. We
are confident that we will be able to further develop and expand
this relationship as demand for cross-border payments increases
across the US marketplace."
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/James Ash
N+1 Singer (Nomad and 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 65+
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 Cross River
Founded in 2008, Cross River is a New Jersey State Chartered
FDIC-insured bank. The company recently secured $28 million VC
funding from three well-regarded investors (Battery Ventures,
Andreessen Horowitz, and Ribbit Capital) and has developed
strategic partnerships with FinTech leaders to build fully
compliant and integrated solutions for the marketplace lending and
payment processing arenas. As disintermediation and financial
independence increasingly fuel the new economy, Cross River is
uniquely positioned to service both the established giants and the
growing list of new entrants into these sectors. Corporate website:
www.crossriverbank.com.
Notes to Editors:
For further information, please contact:
William M. Bell
wbell@factory-360.com
Factory 360; 212.242.2417
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUOSURBRAKAAR
(END) Dow Jones Newswires
September 14, 2017 02:00 ET (06:00 GMT)
Earthport (LSE:EPO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Earthport (LSE:EPO)
Historical Stock Chart
From Mar 2023 to Mar 2024