LONDON (Alliance News) - Earthport PLC Monday said it has won a contract for its high volume low-value payments service with PNC Bank NA, a member of the PNC Financial Services Group Inc.
In a statement, the AIM-listed cross-border payments provider said it will provide a further update when it is closer to going live with Pittsburgh, Pennsylvania-based PNC.
"Financial institutions are increasingly collaborating to enable the provision of innovative technologies and market-leading functionality that greatly improve their customers' experiences. PNC is amongst a number of large financial institutions choosing Earthport to provide a competitively advanced and unique offering," Hank Uberoi, chief executive, said in a statement.
PNC Financial Services Group is listed on the New York Stock Exchange and has a GBP46.39 billion market capitalisation.
Earthport shares were Monday quoted at 40.00 pence, up 7.4%.
The cross-border payments company has signed a number of contracts with large financial institutions in the past few months, with its shares now valued 70% higher than their closing price on December 18.
That was a day before Earthport told the market it had signed a deal with Bank of America Merrill Lynch worth at least USD11.3 million in revenue.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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