Cross-border payments service provider Earthport has been selected by Japan Post Bank to provide international transaction services for its consumer base.
Gaining cross-border payments
Japan Post Bank is the world’s tenth largest bank based on total assets and is Japan’s biggest consumer bank; servicing customers primarily through a network of local post offices and ATM’s throughout Japan.
The bank is a member of Eurogiro; an electronic funds transfer company that allows Post Bank to securely move cash from place to place.
Looking to expand into the cross-border payments sector, Japan Post Bank will be able to leverage Earthport’s single point access technology. The partnership has been welcomed by Masahiro Murashima, senior managing executive of Japan Post Bank.
‘‘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,’’ commented Murashima.
‘‘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.’’
‘Plans to grow the business internationally’
Earthport is a major player within the cross-border payments sector, with its technology being used by the likes of HSBC, Bank of American Merrill Lynch, Western Union, Standard Chartered, Azimo and Xoom.
The transaction firm has been busy appointing new staff in order to keep up with its growing portfolio of clients. In February Payment Eye reported that Earthport appointed web entrepreneur and banker Daniel Marovitz as president of its European operations.
As Japan Post Bank is primarily a retail financial institution, it’s highly likely that this new partnership will be used mainly for cross border remittance payments, a fact which pleases Earthport’s executive director and president, of Global Strategy, Sajeev Viswanathan.
‘‘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,’’ explained Viswanathan.
‘‘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.’’
Wirecard has partnered with Apple Pay in France to launch boon, its mobile payment application.
A group of Chinese companies and state-owned businesses are partnering to create a new $1.5 billion fintech fund that will focus on mergers and acquisitions, and nurturing fintech enterprises in China.
Lloyds banking Group has agreed to pay £1.9 billion for Bank of America's credit card firm, MBNA, in the first acquisition by a UK bank since the 2008 financial crisis.
PayPal has partnered with Citigroup to make paying using mobile phones easier. As part of the deal, Citi will become the first bank to have its cards tokenised for in-store purchases using PayPal.