Today Earthport, the cross-border payments service provider, announced the leading Japanese remittances provider Kyodai Remittance, has gone live with its service.
Through their strategic partner in Japan, Global Winning Technologies Corporation (GWT), Earthport will help Kyodai Remittance expand its consumer offering to Europe, the US and rest of the world. In addition, Kyodai Remittance will utilise Earthport's market-leading international payments services to enter the business to business (B2B) market.
The agreement will enable Kyodai Remittance to improve efficiency and predictability of its payments, grow its footprint in the market and deliver an enhanced customer experience. Earthport's proven white-label payments service already provides these benefits to a wide range of customers globally.
"Kyodai Remittance's mission is to provide a fast, convenient and seamless service to our customer base across Japan. The agreement with Earthport forms part of our strategy for growth and will allow us to enter new markets such as that for B2B payments," said Yuichiro Kimoto, President and CEO at Kyodai Remittance. "The payments market offers us many new and exciting opportunities. Using Earthport's cross-border payment service we are better placed to explore them."
Paul Thomas, Executive Director at Earthport said: "We're delighted to be part of these international expansion plans and look forward to working together on delivering cross-border payment services that benefit Kyodai Remittance's customers. Our aim is to help Kyodai Remittance increase their market share for remittance payments to bank accounts overseas."
Kyodai Remittance specialises in payments to Latin America and South East Asia and is keen to offer more corridors to remitters in Japan. According to The World Bank, the global market for remittances continues to grow and by 2016 is estimated to reach over $700 billion with a projected average annual growth rate between 2013 and 2016 of over 8 percent[1]
Thomas added: "Financial institutions are increasingly collaborating in the provision of innovative technologies to improve the customer experience of international payments. Kyodai Remittance is the latest financial institution choosing Earthport to provide a competitive service offering."
Recently Earthport announced the expansion of its reach in Latin America with added routes to Mexico and Colombia, equipping clients to offer efficient payments into these markets with greater transparency to benefit customers.
[1] The World Bank: 'Migration and Remittance Flows: Recent Trends and Outlook, 2013-2016'