14 September 2017
("Earthport" or the "Company")
Earthport announces partnership with Cross River, strengthening inbound payment capabilities across the US
Earthport (AIM: EPO), the leading payment network for cross-border transactions, is pleased to announce its partnership with Cross River, a US-based bank, to provide inbound cross-border payment services across the US market, adding to its existing capabilities to process payments in the US.
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The bank combines technology and innovation with a commitment to industry best practices in regulatory compliance and service to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas.
The partnership will facilitate the execution of inbound ACH payments through Cross River, and further strengthen Earthport's global payment network, enabling high volumes of low-value payments originating outside the US to be serviced more efficiently. The new partnership also aligns with Cross River's commitment to innovation and greater market efficiency.
Earthport has a payment network of over 65 countries and enables transactions for the world's largest financial institutions, money transfer organisations and ecommerce businesses. Through a single relationship with Earthport, clients seamlessly manage payments to almost any bank account in the world, resulting in significant cost reductions and operational efficiency.
Gilles Gade, CEO of Cross River, said: "Earthport's extensive payment network, along with its commitment to compliance, made the company a natural partner for Cross River. I'm looking forward to working with an innovator and payment visionary like Hank Uberoi, who has built a world-class service provider that is disrupting the global money transfer industry."
Hank Uberoi, CEO of Earthport, commented: "We are delighted to be working with Cross River to execute payments across the US market. We view this as an exciting partnership with a company that embraces innovation, new technologies and market efficiencies. We are confident that we will be able to further develop and expand this relationship as demand for cross-border payments increases across the US marketplace."
For further information, please contact:
Earthport Plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Newgate 020 7653 9848
Bob Huxford/James Ash
N+1 Singer (Nomad and Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma/Toby Gibbs
Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 65+ countries and an evolving suite of currencies and settlement options.
Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.
The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.
Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.
Please visit www.earthport.com for more information.
About Cross River
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The company recently secured $28 million VC funding from three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with FinTech leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate website: www.crossriverbank.com.
Notes to Editors:
For further information, please contact:
William M. Bell
Factory 360; 212.242.2417