Trade Finance Solution

25 Feb 2009 08:50



25 February 2009

Earthport plc ("Earthport" or the "Company")

Lloyds TSB (Lloyds Banking Group Plc) and Earthport announce Trade Finance Solution delivered as BaaS (Banking as a Service)

Earthport, (EPO.L) the global payments utility announced today, at the 6th Annual Trade and Export Finance Conference in Dubai, that Lloyds TSB (part of Lloyds Banking Group Plc - LYG.L), is developing with Earthport a collaborative Trade Finance solution in conjunction with Adobe which was announced last year. This will be on a trade payments project.

The on demand service (BaaS - Banking as a Service) handles the entire lifecycle of import and export documentation, foreign exchange and payments through an online web2.0 application which is to be marketed to Lloyds TSB's Small and Medium Enterprise client base as an alternative to open account prepayment using non-bank payment channels.

The service is expected to be licensed in the UK and Ireland by Lloyds TSB, and interest for regional licensing across the world already exists within other financial institutions.

James Bergman, Chief Executive Officer, Earthport, said:

"Following the launch of this service in March of last year, we're pleased to have had such a great endorsement from the largest bank in the UK. The defined pipeline of opportunity for this solution affirms Earthport's position as an innovative solution provider to the finance community."

Malcolm Rosier, Head of New Channels for Lloyds TSB Commercial, said:

"Lloyds is acting in an entrepreneurial fashion to ensure it continues to gain market share in the SME import export market, and we're delighted to now be able to move this initiative further forward with such a unique solution provided by Earthport." 

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Earthport plc James Bergman, Chief Executive Officer Mike Harrison, Executive Chairman Matt O'Donnell, Business Development	+44 (0)20 7220 9700
Cenkos Securities plc Nicholas Wells / Elizabeth Bowman Andy Roberts	+44 (0)20 7397 8900
Financial Dynamics Jonathon Brill / Alex Beagley / Laura Proudlock	+44 (0)20 7831 3113

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.

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