First Post Bank to leverage Earthport's dynamic single point access for efficient cross-border payments
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 fulfill 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 fulfill 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 and money transfer organisations, including HSBC, Bank of American Merrill Lynch, Western Union, Standard Chartered, Azimo and Xoom, benefit from Earthport's cross-border payments solutions.
Earthport is the largest open global bank payment network, serving financial institutions, digital commerce companies and money transfer organisations. With one connection to Earthport, our clients - representing some of the world's most respected brands - benefit from the wide range of cost effective cross-border payment options, coupled with sophisticated validation and compliance services.
Earthport is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. Earthport plc is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. One of the FinTech50, Earthport has been defined as a disruptive force, transforming the future of finance, and is also the recipient of the 2015 Grant Thornton Technology company of the year award and FStech Retail Systems' 2014 B2B Payments Innovation of the Year. Find out more at earthport.communisis.local and on Twitter @Earthport, LinkedIn, YouTube, Slideshare and Google+.
About Japan Post Bank
Japan Post Bank opened for business in October 2007 as a member of the Japan Post Group under the Postal Service Privatization Act in Japan.
Japan Post Bank had consolidated reported revenues of JPY 2,078.1 billion for the fiscal year ended March 31, 2015. It offers financial services mainly for individuals required at any life stage, through a network comprising 233 branches and about 24,000 post offices across the country.