Cross-border payments outfit Earthport has relaunched its foreign currency subsidiary Baydonhill as EarthportFX, providing businesses with access to over 60 currencies across its global network.
The rebranding comes five months after Earthport warned of a potential financial loss of £5 million at the company, which it acquired in 2013.
The loss materialised after Baydonhill made payments on behalf of a corporate client which subsequently filed for administration.
Earthport recruited Peter Klein, former global head of FX Prime Brokerage and Clearing at Bank of America Merrill Lynch, in December 2015 to manage the business. He says the relaunch is intended to to drive synergy across the Earthport group in brand, service offering, and technical capability.
In a market where FX companies are local or regional, EarthportFX's global market connectivity stands alone, says Klein.
“This is a significant day in Earthport’s evolution," he adds. "We are tremendously excited to announce the launch of EarthportFX and the ability to now offer our corporate clients and businesses the same benefits of access to a global payment network that Earthport’s clients enjoy today.”