Earthport has extended its funds transfer network into the pre-paid card market through a deployment at Banco do Brasil.
Under the arrangement, Banco do Brasil Americas is using the Earthport network to transfer transactions made using the bank's multicurrency pre-paid scholarship cards by international students.
The service enables card holders to safely transfer funds from their cards to local bank accounts in Europe, the UK, Canada, Australia or Latin America to make payments for living accommodation and school services.
Hank Uberoi, CEO at Earthport says: "This is an exciting partnership for Earthport, and one which sees our service being used in a new and innovative way. I am pleased to see new products being created by our clients based on our core payment capabilities. Banco do Brasil Americas is bringing a product to market which will make student travellers and their parents feel safer, whilst themselves benefitting from better internal controls, more predictable fees, and the ability to predict exactly when money will arrive at its destination."