Earthport, the specialist cross-border payments service provider, and Decillion Group, a leading systems integrator and SWIFT Service Bureau operator, today announced a strategic partnership in the Asia-Pacific region.
Under the agreement, the solution provider will introduce Earthport's payments service to its 160-strong banking customer base in the region.
Decillion Group, a subsidiary of NEC, is headquartered in Singapore and has established local offices in Australia, China, Vietnam, Indonesia, Malaysia and Thailand. Decillion Group can now offer their customers a dedicated payments service for low value cross-border payments which will complement its existing systems and services for AML (Anti-Money Laundering) and international payments.
Decillion Group CEO, Thomas Lee said: "We are excited to have the opportunity to bring additional value to our customer base by introducing Earthport's white label cross-border payments service. Decillion has a wide portfolio of systems and services for international payments. Earthport will be a natural fit and complementary offering to help with our customers' requirements for enhanced efficiency, transparency and reach for low value payments."
International migration has doubled in the last 25 years, to more than 200 million people who now generate over 2 billion individual transactions per annum. Global trade continues to grow, with export volumes increasing by 14.5% in 2010 and forecast to expand by 6.5% in 2011. These factors along with the explosion in growth of e-commerce are driving increased demand for payments services specifically for low value payments.
Paul Thomas, Executive Director, Earthport said: "Decillion Group is a strategic partner for Earthport as it is very well established, both in the Asia-Pacific region and in the international payments industry. We believe the partnership will help institutions in Asia to address the surge in demand for low value corporate and retail cross-border payments."