22 Mar 2018 07:00
22 March 2018
Earthport Plc
("Earthport" or the "Company")
Earthport North America, Inc. receives New York State money transmitter licence
Earthport plc (AIM: EPO), the leading cross border payment services utility, announces that its wholly owned subsidiary, Earthport North America, Inc., has received written confirmation of the issue of its New York State money transmitter licence, backdated to be effective from 15th February 2018. This landmark event authorises Earthport in the US to engage directly with New York State resident individuals and corporations, whether licensed or unlicensed.
The licence covers wire transfers, foreign currency dealing and / or exchanging, bill paying and other methods of money transmission. Earthport can send and receive money on behalf of our clients, from New York State to any location globally, giving New York State based businesses access to Earthport's global ACH network.
In addition to the above and subject to some State specific restrictions, the licence authorises Earthport to engage in the provision of FX services, creating significant commercial opportunity to attract and service New York resident businesses.
Marta Ramirez, Earthport US General Counsel, commented: "Multi-State Licensing is a requirement to fully service the US market, and the New York State licence is a key step in fulfilling our strategic ambitions in the US. We are pleased to have been awarded this licence and are working with a number of other states to progress additional applications."
Phil Hickman, Earthport CEO (interim) said: "The award of our New York State money transmitter licence marks a significant achievement for Earthport, with it we are able to meaningfully expand our offering into the United States, and develop new commercial opportunities. We will continue working towards acquiring additional state licences further enabling us to expand our presence in the United States".
For further information, please contact:
Earthport Plc 020 7220 9700
Phil Hickman, Chief Executive Officer (Interim)
Hank Uberoi, Executive Chairman
Newgate 020 7653 9848
Bob Huxford/James Ash
N+1 Singer (Nomad & Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Toby Gibbs/Stephane Auton
About Earthport
Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in 200+ countries and territories, with local ACH options in 65+ countries and an evolving suite of currencies and settlement options.
Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.
The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.
Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO).
Please visit www.earthport.com for more information.