Earthport signs Turkish bank
05 June 2014 | 1606 views | 0
Earthport (AIM: EPO), the cross-border payments service provider, is pleased to announce that Aktif Bank has chosen it to provide international payments transaction services, helping its corporate customers trade internationally and retail customers of its Universal Payment Transfer (UPT) service to make more cost effective cross-border payments.
Aktif Bank is expected to go live with Earthport's international payments service in the coming months.
Aktif Bank, the largest privately owned investment bank in Turkey, offers retail, investment and regional banking services. Since 2012 it has been Earthport's banking partner, providing local bank payments clearing in Turkey. Now, Earthport's expertise has been selected by Aktif Bank to increase international payments processing automation, supporting the bank's growth plans through enhanced products that offer cross-border payments in local currencies.
Through Earthport's service, fees and foreign exchange (FX) rates are known upfront and payment timescales are predictable. These features will help Aktif Bank operate efficiently and support its customers' needs for cost-effective international trade.
CEO of Aktif Bank, Dr. Önder Halisdemir, said: "Earthport's ability to provide international payment clearing services locally to many markets around the globe, together with sophisticated validation services, predictable settlement dates and transaction reporting was an attractive proposition. It gives us scope to build services we believe our customers will find compelling."
Winner of 56 international awards over the past three years including 'The World's Most Innovative Bank,' Aktif Bank will also benefit from revenue generated through FX.
Hank Uberoi, Chief Executive Officer of Earthport plc, commented: "Aktif Bank is a solutions-focused bank and the market leader in the fast developing Turkish market. As part of our expanding global client base, we are delighted to partner with them as our first client in Turkey. We look forward to supporting their customers' needs for predictable, cost-effective international trade payments and person-to-person remittances."
Earthport already provides its robust, electronic white-label service to some of the world's largest banks and money transfer agents including Bank of America Merrill Lynch, HSBC, Westerrn Union and leading Japanese remittances provider Kyodai Remittance. Supporting the continued rise in the international movement of money resulting from an increasingly globalised workforce and international trade, across six continents Earthport reaches 60 countries directly through local clearing capabilities and a further 140 through traditional methods.