LONDON (Alliance News) - Earthport PLC, the AIM-listed cross-border payments company, Tuesday said it has won a "multi-year global contract" with HSBC Holdings PLC, with a "significant" minimum revenue commitment, adding to a stream of deals in recent months.
HSBC, the UK's biggest bank by market capitalisation, will integrate with Earthport to expand the coverage of HSBC's Global Disbursements product across countries in Central and Eastern Europe, and in the Asia Pacific region.
Once live, Earthport will facilitate low-value cross-border payments across countries which are not currently part of HSBC's Global Disbursements network to its corporate and financial services clients.
"I am delighted that HSBC, one of the largest banking and financial services organisations in the world with a reputation for global service, has chosen Earthport to enhance its cross-border payments product," Hank Uberoi, Earthport chief executive, said in a statement.
"This is another significant contract with minimum revenue commitments that Earthport has signed with a major Tier 1 bank within a few months. In addition to increasing future visibility, this contract demonstrates Earthport's increasing traction and unique strategic positioning within the payments ecosystem," Uberoi added.
"Our service is underpinned by a large and growing network facilitating domestic payments in 60 countries globally, and we look forward to adding further geographies, enabling additional payment routes to our clients and their customers," Uberoi said.
Earthport has attracted a number of new clients in recent months, including London-headquartered online money transfer business WorldRemit, PNC Bank NA, a member of the PNC Financial Services Group Inc, and Bank of America Merrill Lynch.
Earthport shares were Tuesday quoted at 46.38 pence, up 5.4%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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