Earthport, a provider of cross-border payments services, has launched a new payment route into China to support efficient trade payments into the region.

The move will bring in opportunities for payments service providers connecting through Earthport to offer solutions to corporate customers making payments into China’s large exporting market.

The new payment route will benefit Earthport’s clients with access to local clearing capabilities in 63 countries across six continents, to which they can send cost-efficient low value payments.

Hank Uberoi, CEO of Earthport, said: "With very few banks connected to China’s automated clearing house (ACH), this new route will be of great benefit to our clients and their customers for making low value payments into the country.

"We will be able to make efficient payments into 80% of bank accounts in China, with corporate customers benefiting from known up-front fees, predictable settlement dates, identified payers and no deductions from the principal amount."

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By GlobalData