No need to re post the r n s. . What would be of greater benefit is your views and other research you may have come across. Thanks
18 Aug '15
Very interesting move this one. The distributed ledger is what makes Bitcoin and other crypto-currencies work. More importantly, in the last year or so banks and major financial institutions like clearing houses have recognised that unless they adopt some of these operational innovations they could be sidelined by faster, low cost alternatives. EPOs move into this space is really quick. This is a big game changer if they manage it well.
Earthport has partnered with Ripple Labs, the creator and a developer of the Ripple payment protocol and exchange network. Banks across the world have shown considerable interest in the power of the distributed ledger, but have had difficulty reconciling their compliance requirements with the technology. Earthport is bridging this gap by allowing banks to maintain their current technology and compliance regimes, while also benefitting from this powerful new payment technology. Gareth Lodge, analyst at financial services advisory firm Celent, said: "The industry is still at the evaluation phase, but almost all agree that distributed ledger has promise. Banks are actively exploring what opportunities decentralised ledger-based solutions could bring. The challenge is finding a way to harness the benefits, yet ensure the absolute essentials - security, compliance and resilience - are met, along with an understanding that payments involve far more than just a movement of value." Hank Uberoi, CEO of Earthport said: "We are thrilled to be expanding our payment network and furthering our mission to provide 'fastest payments possible' through easy access to distributed ledger. This will enable our clients can realise numerous benefits, including immediate transaction settlement and reduced counterparty risk. We have experienced significant interest in this protocol and our clients are far along into the planning stage for initial testing." How the Earthport Distributed Ledger Gateway works By simplifying the cross-border payment system, Earthport's network gives businesses unparalleled transparency into the up-front cost and timescales for making their cross-border payments, so they can accurately track their payment throughout the process. The Earthport Distributed Ledger Gateway transports the funds through the Ripple protocol to record the transaction and leverage its prefunded accounts to provide instant liquidity and the best FX rate. The beneficiary then receives the amount in near real-time. In addition, Earthport allows banks to connect to the Ripple network without having to establish their own infrastructure. This solution brings best-in-class AML monitoring, sanction screening, transaction monitoring and KYC tools to enable compliance control together with the power of distributed ledger. Banks that still use legacy formats will be able to send and receive Ripple with Earthport managing format transformation. Earthport's distributed ledger gateway brings clients many benefits, including: · Instant payments and liquidity: Ripple represents the fastest way to transfer value between two parties. Each transaction, despite the currency, is delivered and settled between financial institution parties within seconds. · Mitigation of risk: Pre-funding associated with the model eliminates counter-party risk. · Transaction cost efficiencies: International transactions are execut
11 Aug '15
announces an agreement to enable cross-border services for Japan Post Bank, Japan's largest retail bank in terms of deposits. The first of its kind, this partnership will enable the bank to provide improved customer experience and reach for cross border consumer remittances. Japan Post Bank, the world's thirteenth largest bank based on total assets, is primarily a retail financial institution with a history spanning 140 years. It provides consumers with financial services through a network of local post offices and ATM's throughout Japan. Its focus is to offer superior customer experience and high satisfaction levels offering a broad product portfolio which now includes a competitive cross-border payment service. Like other post banks, Japan Post Bank is a member of Eurogiro, the International electronic funds transfer system between the postal services of the member countries. This service allows funds movement to and from post banks with maximum security. In this partnership, Earthport will provide Japan Post Bank with access to incremental capabilities and reach for customers who need expanded cross border remittance services. Earthport is also in talks with a number of other post banks re the provision of cross-border services. Michel Stuijt, CEO of Eurogiro said: "The services of Earthport enhance Japan Post Bank's service offering and bring added coverage to consumers with unique remittance needs. As individuals become more mobile, their needs become more significant and Earthport becomes the bridge to seamlessly offer payment services." Mr. Masahiro Murashima, Senior Managing Executive, Japan Post Bank said: "We are delighted that Japan Post Bank will be able to offer Earthport's unique transparent service for cross-border payments. This offering ensures our customers receive payments in full without any surprise charges or deductions and aligns with our philosophy of being the most accessible and trustworthy bank in Japan." Sajeev Viswanathan, Executive Director & President, Global Strategy, Earthport said: "We are proud to have Japan Post Bank as our customer, and recognise its need to service its customers with solutions that are more predictable, transparent, and cost-effective. This flagship partnership is a prestigious one for Earthport and is a positive endorsement of our offering as we discuss similar relationships with post banks across the globe." A range of international banks, money transfer organisations including HSBC, Bank of America Merrill Lynch, Western Union, Standard Chartered, Azimo and Xoom benefit from Earthport's cross border payments solutions.
6 Aug '15
New Contract Wins
Whilst these are promising, it would be helpful if they could provide some level of detail regarding revenue streams. A contract win is a contract win, but some transparency and translation into what it means in terms of projections, etc would equally be informative.
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