Earthport plc (AIM: EPO), the leading cross border payment services utility, announces that its wholly owned subsidiary, Earthport North America, Inc., has received written confirmation of the issue of its New York State money transmitter licence, backdated to be effective from 15th February 2018. This landmark event authorises Earthport in the US to engage directly with New York State resident individuals and corporations, whether licensed or unlicensed.
The licence covers wire transfers, foreign currency dealing and / or exchanging, bill paying and other methods of money transmission. Earthport can send and receive money on behalf of our clients, from New York State to any location globally, giving New York Statebased businesses access to Earthport's global ACH network.
In addition to the above and subject to some State specific restrictions, the licence authorises Earthport to engage in the provision of FX services, creating significant commercial opportunity to attract and service New York resident businesses.
Marta Ramirez, Earthport US General Counsel, commented: "Multi-State Licensing is a requirement to fully service the US market, and the New York State licence is a key step in fulfilling our strategic ambitions in the US. We are pleased to have been awarded this licence and are working with a number of other states to progress additional applications."
Phil Hickman, Earthport CEO (interim) said: "The award of our New York State money transmitter licence marks a significant achievement for Earthport, with it we are able to meaningfully expand our offering into the United States, and develop new commercial opportunities. We will continue working towards acquiring additional state licences further enabling us to expand our presence in the United States".