LONDON (Alliance News) - Earthport PLC Wednesday said it has won a pre-paid cards contract with Banco do Brasil Americas, marking entry into a new market segment for the AIM-listed cross-border payments company.
In a statement, Earthport said Banco do Brasil Americas will use its service to improve its pre-paid student multicurrency card product. Banco do Brasil Americas offers multicurrency pre-paid student cards to students to enable them to safely and easily take scholarship funds abroad.
The cards, which are an alternative to carrying cash, can be reloaded, a feature designed to meet the financial needs of students who study internationally. The bank card will now offer a secure, fast, and efficient card to bank international transfer service, enabling student card holders to safely transfer funds from their cards to local bank accounts in Europe, the UK, Canada, Australia or Latin America to make payments for living accommodations and school services.
"Our goal is to help make the funds management process simpler, faster and convenient. Our partnership with Earthport allows us to offer an efficient, cross-border payments network, building more innovative solutions for our clients," Banco do Brasil Americas Chief Executive Antonio Cassio Segura said in a statement.
Earthport Chief Executive Hank Uberoi said: "This is an exciting partnership for Earthport, and one which sees our service being used in a new and innovative way. Banco do Brasil Americas is bringing a product to market which will make the payments experience more secure and efficient for international students, while helping them to better manage their expenses with their families. I am pleased to see new products being created by our clients based on our core payment capabilities."
Under the terms of the agreement, Earthport will provide its international payments infrastructure on a white-labelled basis to Banco do Brasil Americas.
Separately, Earthport said that Paul Thomas has stepped down as an executive director of the group, but will remain on the board as a non-executive director.
Thomas will be replaced as an executive director by Sajeev Viswanathan, who joined the company in June to become president and global head of strategy and product.
Earthport shares were up 3.6% to 41.431 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini and Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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