LONDON (Alliance News) - Earthport PLC Tuesday said it has added Mexico and Colombia to its network of payment routes as it looks to broaden its footprint in Latin America.
In a statement, the cross-border payments company said the new payment corridors will enable clients to offer faster and more efficient payments into those markets, while allowing them to benefit from greater transparency and improved customer experience.
Earthport has been positioning itself as the service payments provider of choice for financial institutions looking to comply with new US requirements on disclosures known as Dodd Frank 1073 designed to offer better transparency and consumer protection in cross-border remittance transfers.
With USD22 billion worth of remittance payments a year, Mexico is the fourth largest remittance market in the world after India, China and the Philippines, according to Earthport.
"The addition of this route enables Earthport to serve three of the top four global remittance destinations. With a significant number of emigrants to the U.S., Colombia is the fourth largest remittance destination in Latin America," Earthport said in a statement.
"There is increasing demand for high volume, low value payments and the Earthport service enables its clients to provide advance disclosure of the principal amount and settlement dates of cross-border transfers, resulting in improved transparency and predictability as well as enhanced customer experience," the company added.
In December 2013, Earthport signed a multi-year agreement with Bank of America Merrill Lynch worth at least USD11.3 million in revenue, which Chief Executive Hank Uberoi described as "a game changer" for the AIM-listed company.
Earthport shares were Tuesday quoted at 32.39 pence, down 0.36 pence, or 1.1%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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