The new payment route comes in response to the growing client demand for cost-efficient, low value payments into the market and is part of Earthport's continuing investment in expanding its service.

Turkey is one of the fastest growing trade markets in Europe. The country's key role in European trade has seen it rank 7th in Europe's top import markets and 5th in export destinations, while globally the European Union remains the top market for Turkey's exports, followed by Russia and the USA.

The launch of the service for Turkey will enable Earthport's clients to reach an estimated 42 million[1] bank accounts. Leveraging domestic clearing, Earthport's cross-border payments service allows clients to offer competitive corporate and remittance payments products.

"Our services are underpinned by a global infrastructure which is reliable, resilient, secure and capable of delivering the best possible payments solution to our clients. One of the key advantages for our clients is that, once connected to our payments platform, they can easily launch payment services into new regions without incurring significant costs to their business," said Paul Thomas, Executive Director at Earthport.

"We are committed to expanding our global reach and payment capabilities. The service is a key enabler for our growing client base to improve the transparency of cross-border payments, while lowering costs and generating new revenue streams from servicing cross-border corporate and remittance payments". 

[1] Source: World Bank