Earthport today announces that it has signed a new Merchant agreement with the Foreign Exchange provider BuyFX.
Having combined two innovative systems, BuyFX matches the cross-currency requirements of different registered users to return a genuine real-time mid-point exchange rate for both parties. This provides the most efficient and cost effective cross border payments in the range between £5,000 and £500,000. A small fee is charged but there is no spread.
Under the terms of the Merchant agreement, Earthport will receive an upfront licence fee and minimum monthly transaction fees. Earthport provides the backbone of the exchange and handles the transactions through its Universal Payments Network (UPN). BuyFX expect to launch their service this autumn.
David Fife, Earthport's CEO, commented, "This agreement with BuyFX demonstrates Earthport's ability to support payment services within the FX market, acting as the conduit for all transactions through this exciting new FX exchange and underlines the versatility and robustness of Earthport's UPN."
Todd Veri, CEO of BuyFX added: "By integrating Earthport's UPN we are creating a best-of-breed solution for our cross-currency payments and transfers requirements. We look forward to a long and successful partnership."