Earthport plc (AIM: EPO), the cross-border payments service provider, is delighted to today announce a multi-year global contract with HSBC with a significant minimum revenue commitment.
Under the terms of the agreement, HSBC will integrate with Earthport to expand the coverage of its Global Disbursements™ product across countries in Central and Eastern Europe, and the Asia Pacific region.
Once live, Earthport will facilitate low value cross-border payments across countries which are not currently part of HSBC's Global Disbursements™ network to its corporate and financial services clients.
Hank Uberoi, Chief Executive Officer of Earthport plc, commented: "I am delighted that HSBC, one of the largest banking and financial services organisations in the world with a reputation for global service, has chosen Earthport to enhance its cross-border payments product. This is another significant contract with minimum revenue commitments that Earthport has signed with a major Tier 1 bank within a few months. In addition to increasing future visibility, this contract demonstrates Earthport's increasing traction and unique strategic positioning within the payments ecosystem.
"Our service is underpinned by a large and growing network facilitating domestic payments in 60 countries globally and we look forward to adding further geographies, enabling additional payment routes to our clients and their customers."