Earthport, the cross-border payments service provider, today announced the launch of two payment routes into Mexico and Colombia to broaden its footprint in the Latin American region.
The new payment corridors will enable clients to offer faster and more efficient payments into these markets, while allowing them to benefit from greater transparency and improved customer experience.
At $22bn (£14bn) worth of remittance payments a year, Mexico is the fourth largest remittance market in the world after India, China and the Philippines. The addition of this route enables Earthport to serve three of the top four global remittance destinations.
Moreover, with a significant number of emigrants to the U.S., Colombia is the fourth largest remittance destination in Latin America. The addition of this route will allow Earthport to provide services to three of the top four remittance markets in the LATAM region, enabling clients to quickly roll out remittance payment services in response to the increasing demand for more transparent and efficient payments into the region.
"The addition of Mexico and Colombia will further cement our position as the specialist white-label service for low value payments with a global footprint in all continents," said Paul Thomas, executive director at Earthport.
"In addition to leveraging our local clearing capabilities in more than 50 countries, clients will benefit from a payments service that achieves the transparency required under Dodd-Frank 1073. Our service enables our clients to provide advance disclosure of the principal amount and settlement dates of cross-border transfers, resulting in improved transparency and predictability as well as enhanced customer experience," he added.