Earthport (AIM: EPO), the leading payment network for cross border transactions, announces an agreement to enable cross-border services for Japan Post Bank, Japan’s largest retail bank in terms of deposits.
The first of its kind, this partnership will enable the bank to provide improved customer experience and reach for cross border consumer remittances.
Japan Post Bank, the world’s thirteenth largest bank based on total assets, is primarily a retail financial institution with a history spanning 140 years. It provides consumers with financial services through a network of local post offices and ATM’s throughout Japan. Its focus is to offer superior customer experience and high satisfaction levels offering a broad product portfolio which now includes a competitive cross-border payment service.
Like other post banks, Japan Post Bank is a member of Eurogiro, the International electronic funds transfer system between the postal services of the member countries. This service allows funds movement to and from post banks with maximum security. In this partnership, Earthport will provide Japan Post Bank with access to incremental capabilities and reach for customers who need expanded cross border remittance services. Earthport is also in talks with a number of other post banks re the provision of cross-border services.
Michel Stuijt, CEO of Eurogiro said: “The services of Earthport enhance Japan Post Bank’s service offering and bring added coverage to consumers with unique remittance needs. As individuals become more mobile, their needs become more significant and Earthport becomes the bridge to seamlessly offer payment services.”
Mr. Masahiro Murashima, Senior Managing Executive, Japan Post Bank said: “We are delighted that Japan Post Bank will be able to offer Earthport’s unique transparent service for cross-border payments. This offering ensures our customers receive payments in full without any surprise charges or deductions and aligns with our philosophy of being the most accessible and trustworthy bank in Japan.”
Sajeev Viswanathan, Executive Director & President, Global Strategy, Earthport said: “We are proud to have Japan Post Bank as our customer, and recognise its need to service its customers with solutions that are more predictable, transparent, and cost-effective. This flagship partnership is a prestigious one for Earthport and is a positive endorsement of our offering as we discuss similar relationships with post banks across the globe.”
A range of international banks, money transfer organisations including HSBC, Bank of America Merrill Lynch, Western Union, Standard Chartered, Azimo and Xoom benefit from Earthport’s cross border payments solutions.