Earthport (AIM: EPO), the leading payment network for cross-border transactions, has significantly expanded its relationship with its existing client Japan Post Bank, the major Japanese bank, to deliver outbound cross-border payment services across a number of additional regions including, North America and Europe.
Japan Post Bank is one of the leading Japanese consumer banks and has an extensive network with branch offices throughout Japan. The expansion of Earthport's service for Japan Post Bank aids the bank's mission to become "the most accessible and trustworthy bank in Japan" and to offer its clients greater capabilities in high volumes of low-value cross-border payments. The expanded service launched in full in January 2018.
Japan Post Bank's enhanced relationship with Earthport will enable its clients to benefit from reliable international payments with greater global reach through a single network. Earthport has a payment network of over 67 countries and enables some of the world's largest financial institutions to seamlessly manage payments across the world. The relationship with Japan Post Bank highlights Earthport's strength in outbound payments.
Masahiro Murashima, Senior Managing Executive Officer of Japan Post Bank said: "At Japan Post Bank, since January 2018 we began handling international remittances on the web and expanding the remittance destination mediated by Earthport to more countries and it is now possible to make full remittance to the payee account without deducting the intermediate fee. We are very pleased that strengthening the relationship with the Earthport team will lead to an improvement in convenience for our customers and an expected increase in the volume of transactions."
Phil Hickman, interim CEO of Earthport, commented: "We are thrilled to extend our services with Japan Post Bank, which has been a client of Earthport's for two years. The extension of our service offering to the bank is testimony to the excellent service Earthport provides, and the capabilities we offer our clients and their end-users. We look forward to developing our partnership with Japan Post Bank and supporting the next stage of their growth."