9 Nov 2009 07:00
9 November 2009
Earthport plc
("Earthport") or ("the Company")
Earthport Middle East Service Adoption
Earthport, the global payments utility, is pleased to announce an update on the adoption of its service following the sales and marketing efforts of Earthport Middle East Ltd. (a fully owned subsidiary of Earthport Plc).
Following a number of incremental client wins, Earthport's service is now operational in 119 Exchange House branches offering a "To Bank" remittance service, where Earthport is the exclusive provider of this service and technology. Leading Exchange Houses across the United Arab Emirates are offering this functionality to their customers on a white-label basis.
Earthport expects to see further adoption of this service before the end of December 2009 to additional branches in the United Arab Emirates, Kuwait, Oman and Jordan.
More than US$8Bn was remitted from the United Arab Emirates in 2008 through Exchange Houses and this market is estimated to be growing at 5% annually.
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For further details, please contact:
| Earthport plc | |
| James Bergman, CEO | 020 7220 9700 |
| Financial Dynamics | |
| Jonathan Brill, Alex Beagley | 020 7831 3113 |
| Panmure Gordon | |
| Dominic Morley | 020 7459 3600 |
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 owns, provides and hosts an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.