This will enable Yandex.Money's e-wallet holders access to a new range of flexible, cost-effective and highly reliable international payment services.

Electronic payments, including international online purchasing, have developed at a remarkable pace over the last few years in Russia and the CIS, with the number of active e-wallets in Russia growing by 50% in 2010.

Partnering with Earthport enables Yandex.Money customers to make a payment to bank accounts directly in all Earthport supported territories across the world from their electronic wallet, and on the next phase in the project, allows them to top-up using domestic bank transfer services.

"It has always been vital for Yandex.Money to stay ahead of the curve and offer a wide range of relevant services and superior customer experience," said Jane Zavalishina, CEO, Yandex.Money. "We were able to easily embed the Earthport service into our existing systems, providing our customers with a seamless service to transfer money internationally. We chose Earthport as they were able to demonstrate their market leading cross-border payment expertise and a clear understanding of our market."

Earthport offers Yandex.Money customers a service with unparalleled fee transparency, confidence in delivery time, as well as predictability of the amount of funds received into the beneficiary account.

Hank Uberoi, CEO, Earthport said: "We are excited to work with Yandex.Money to deliver an exceptional service for their customers. Our innovative international payments platform involves minimal upfront investment and fits perfectly with Yandex.Money's aims to make electronic payments easier, safer and more transparent."