Earthport rolls out fully automated payment service into Morocco to meet the growing demand for cost efficient, low-value payments in the region Earthport , the cross-border payments service provider, today announced a fully automated payment service into Morocco is now live. The route is the first low value payment service for Earthport in North Africa and will enable the Company to expand its network infrastructure into the region. With more than three million people in the diaspora, Morocco is one of the top remittance receive countries on the African continent and the second largest remittance country in North Africa with an estimated $6.4 billion worth of payments received in 2010. The expansion into Morocco comes in response to the growing demand for low-cost payments into the region. The payment route will enable Earthport's clients to quickly launch new payments services into the country and deliver faster, more cost efficient and more transparent remittance transfers through Earthport's local clearing capabilities. Hank Uberoi, Executive Director of Earthport plc, commented, "Morocco is a key remittance market in North Africa and an important addition to our global network of countries with local clearing capabilities. "Earthport's specialist role in cross-border payments, means our clients reap the benefits of our country-specific regulatory understanding, local payment data framework and system connectivity standards, enabling them to launch new payment services quickly and cost effectively. In April, we announced the expansion into India, and we look forward to announcing further expansion in due course."
9 May '13
Another customer signed up. Let' keep 'em trickling in!
25 Apr '13
Passage to India
EPO launching a new payments route into India. The new route will allow clients to leverage Earthport's local payment clearing capabilities to offer predictable, transparent and cost-efficient payments into India. With a $70 billion inflow of remittance payments in 2012, India is the top remittance destination and largest remittance market in the world. The cash inflow from remittance payments is contributing to India's economic growth, which is expected to grow by 6.4% by the end in 2013. Remittance flows to developing countries are forecast to rise by 8% and 10% respectively in the next two years, reaching $534 billion in 2015. This significant growth will boost the cash flow between the main remittance corridors for India with diaspora in the UAE and USA generating the highest volume of remittance payments to this country. The opening of the new payments route will enable Earthport's clients to expand their payments services in the region and quickly launch retail and corporate payment products into India. Hank Uberoi, Executive Director of Earthport plc, commented: "The continued expansion of our global network is a key part of our growth strategy, providing our clients with local payment clearing capabilities into over 50 countries. "India's growing economic and geostrategic importance means it is a key market for us and a logical next step in the expansion of our network. The new payments route will allow us to offer more predictability, transparency and convenience for clients looking to launch remittance payment services in the region."
Agree, this is a hold. The results show we're on the right track. A few more banks signing on and using the service and well be up to break even, but maybe not before 2014. But there's enough cash in the kitty now to take us there and if they can increase sales without increasing costs then this will be a very good invesment. Some patience needed with ths one!
28 Mar '13
Quite good but not stunning. As "the big cheese" says this is one for the long haul, and I agree. Long term EPO has great potential but with a market cap of £77m and revenues of only £1.8m for the last six months it will be a long slow climb - IMO Having taken profit and sold this morning I wish you all the best of luck. GS
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