Earthport, the largest open network for global bank payments announced today an agreement to enable cross-border services for Japan Post Bank, Japan’s largest consumer bank.
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 tenth largest bank based on total assets, is primarily a retail financial institution with a history spanning one hundred forty 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 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 provides Japan Post Bank with access to an incremental capabilities and reach for customers who need expanded cross border remittance services. Michel Stuijt, CEO of Eurogiro said “The services of Earthport enhance the Japan Post’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 happy that Japan Post Bank will be able to offer Earthport’s unique transparent service for cross-border payments where beneficiaries will receive the full amount expected, without any surprise charges or deductions. Partnering with Earthport aligns with our philosophy as one of the most accessible and trustworthy banks in Japan. Everyday, we implement products and services that fulfil our philosophy. By providing our customer with more efficient services and a greater reach of countries to transfer to, this will be another example of how we are able to fulfil our philosophy for our valued customers.”
Sajeev Viswanathan, Executive Director & President, Global Strategy, Earthport said: “We are proud to have Japan Post Bank as our customer, and recognize the need for the bank to service their customers with services that are more predictable, transparent, and cost-effective. We consider the relationship with Japan Post Bank, a prestigious one for Earthport and see this win as a positive endorsement of our plans to grow the business internationally”.
A range of international banks, money transfer organizations including HSBC, Bank of American Merrill Lynch, Western Union, Standard Chartered, Azimo and Xoom benefit from Earthport’s cross border payments solutions.