Earthport plc, (EPO.L), the global payments utility company, is pleased to announce that it has signed a contract with a leading Australian financial services company.
The agreement was concluded when Earthport executives, following several months of activity, met in Dubai on 1st May 2008 with those of the client where they attended joint meetings with regional financial institutions.
This financial services company, whose platform is linked to the global ATM infrastructure, will be integrated to Earthport's UPN utility. As a leading card issuer, the financial services company uses and operates branded card programmes, mainly Visa products, and these are enhanced by utilising mobile phone technology and the Internet to provide an online and mobile e-wallet payment system.
Upon integration the client has committed to revenues in excess of $1m per annum (500,000 transactions in year 1). The activity associated with these cards is for payroll, international remittances and expense management. The integration process is already at an advanced stage.
Subsequent projects not included in the above stated revenue number, are:
- a bank-to-bank transfer loading service for an Asian Bank which has forecasted an additional 400,000 transactions per month (4.8million transactions per annum) for Earthport
- an optional loading service for 30 million of the client's cardholders for an Asian bank a further project from a Middle Eastern Exchange which specializes in remittances
Each of the above represents a separate and additional revenue stream.
James Bergman, Executive Director, Earthport said: "This is the first of a number of transformational client wins with financial services companies that we are pursuing aggressively as we drive the next stage of our growth."
Mike Harrison, Executive Chairman, Earthport said: "This agreement reinforces the direction that Earthport is taking as a provider of its payments infrastructure to international financial institutions."