20 May 2008 07:00
20 May 2008
Earthport plc ("Earthport" or the "Company")
Agreement with Standard Chartered Bank
Earthport, the global payments utility, is pleased to announce that Standard Chartered Bank ("SCB") has signed an agreement appointing Earthport to deliver an operational turnkey remittance solution to SCB as soon as is possible. The first phase of this solution will be delivered by the 25th June 2008.
This initial remittance solution will cover the UAE region. The intention of this is to target the large number of overseas workers who send money home internationally. It is anticipated that this will then be rolled out in other SCB territories following this initial deployment.
James Bergman, Executive Director, Earthport, said: "This contract win demonstrates that Earthport can satisfy the growing demand for our services for even the largest banks in the world. It is encouraging that SCB have firmly grasped the benefits of our model and articulated these as being: quick time to market, low cost of adoption, flexibility and little disruption to existing services."
Mike Harrison, Executive Chairman, Earthport, said: "A successful standard is defined by its level of adoption. Major global institutions now adopting the Earthport utility clearly demonstrate another great milestone for our business."
Pramod Veturi, General Manager Consumer Transaction Banking, Standard Chartered, UAE, commented: "I confirm that this is a very exciting project for Standard Chartered, and we believe that this deliverable is the beginning of a long and prosperous relationship."
-Ends-
| Earthport plc Mike Harrison, Executive Chairman James Bergman, Executive Director Product or Operational Enquiries: matt.odonnell@earthport.com | +44 (0)20 7220 9700 |
| Dawnay Day Investment Banking Ltd Nick Lovering, Corporate Finance Adam Pollock, Sales | +44 (0)20 7630 4140 |
| Financial Dynamics Jonathon Brill / Annie Evangeli | +44 (0)20 7831 3113 |
Notes to editors
About Earthport
Earthport (www.earthport.com) specialises in the international transactional marketplace by providing a highly secure, high volume global collection and payment capability. It has been making national and international payments and collections since 1998.
Earthport own, provide and host an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.
About Standard Chartered Bank
With a banking heritage spanning more than 150 years, Standard Chartered (www.standardchartered.com) has an extensive global reach and a strong position in emerging markets, supplemented by strategic alliances and acquisitions. Standard Chartered has a network of over 1,700 branches and outlets in more than 70 countries across the Asia Pacific Region, South Asia, the Middle East, Africa, Europe and the Americas. One of the world's most international banks, SCB employs 73,000 people, representing 115 nationalities. This diversity lies at the heart of our values and supports our strong organic growth.