Earthport, the cross-border payments service provider, today announced the launch of a significant new payment route into China. Through this new payment corridor Earthport will be able to support efficient trade payments into the region.
For payments service providers connecting through Earthport this opens up opportunities for them to offer solutions to corporate customers making payments into the world's largest exporting country.
Hank Uberoi, CEO at Earthport said: "This is an important milestone in the continuing expansion of Earthport's global footprint. With very few banks connected to China's automated clearing house (ACH), this new route will be of great benefit to our clients and their customers for making low value payments into the country.
"We will be able to make efficient payments into 80 per cent of bank accounts in China, with corporate customers benefiting from known up-front fees, predictable settlement dates, identified payers and no deductions from the principal amount."
Earthport's clients benefit from access to local clearing capabilities in 63 countries across six continents, to which they can send cost-efficient low value payments.